Tower Semiconductor Ltd. (Nasdaq: TSEM; LEVEL:TSEM) reported significant revenue growth in the second quarter of 2021. The Israeli company reported revenue of $ 362 million for the second quarter, an increase of 4.3% over the previous quarter, and 16.8% over the corresponding quarter of 2020 The number was just above analysts’ consensus revenue of $ 360 million.
Tower recorded a net profit of $ 28.3 million, compared to $ 19.1 million in the corresponding quarter of 2020. Earnings per share were $ 0.34 in the second quarter of 2021, slightly above analysts’ expectations of $ 0.33 .
The Tower recorded revenue of $ 385 million in the third quarter with a range of 5% more or less.
Tower CEO Russell Ellwanger said: “We are delighted with record revenue results in the second quarter of 2021, which led to third-quarter revenue guidelines of significant continued growth, breaking the annual rate of $ 1.5 billion. We remain confident that we serve the right customers in the right markets, as evidenced by the guidelines for organic revenue growth of an average of 38% year on year. “
He added: “We are successfully executing our expansion plans and therefore expect continued growth in the fourth quarter of 2021 both at the top and at the end. The announced partnership with ST Microelectronics at the 300mm plant in Agrate, Italy will significantly improve our 300mm capabilities, to further strengthen our leading position in advanced 300mm based analog RFs, power platforms, displays and other technologies. “
Posted by Globes, Israeli Business News – en.globes.co.il – August 2, 2021
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