- Tower Semiconductor Ltd (NASDAQ: TSEM) reported 25% year-on-year revenue growth in the third quarter of FY21 to $ 386.7 million, beating the consensus of $ 384.97 million. It posted organic growth of 40%.
- Gross margin increased 171 bps T / T to 22.1%.
- Adjusted EPS of $ 0.41 broke the consensus of $ 0.37.
- It generated $ 107 million in operating cash flow. He held $ 718 million in cash and cash equivalents.
- “We plan to end 2021 with revenue of $ 1.5 billion with an annualized fourth quarter execution rate of over $ 1.6 billion, compared to revenue of 1, $ 27 billion in 2020. Our capacity growth initiatives with a richer capacity mix, combined with some pricing initiatives, target more than 15% net profit margin in 2022. Our long-term outlook is very positive, indicating continued growth for the foreseeable years, ”said Russell Ellwanger, CEO of Tower Semiconductor.
- Outlook: The company forecasts average fourth-quarter revenue of $ 410 million, with a range up or down 5%, against a consensus of $ 393.5 million.
- Price action: TSEM shares traded up 5.03% to $ 36.96 in the pre-market session last check on Monday.
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