Tower Semiconductor Ltd reported first-quarter FY22 revenue growth of 21 percent year-on-year to $421 million, beating the consensus of $406.9 million. It posted a 29 percent organic growth.
The gross profit was $105 million, up 50 percent Y/Y.
The operating profit grew 94 percent Y/Y to $63 million. Adjusted EPS was $0.49, up from $0.26 prior-year quarter.
It generated $137 million in operating cash flow and held $790.9 million in cash and equivalents.
On February 15, Intel Corp agreed to acquire Tower Semiconductor at a 60 percent premium.
Due to its impending acquisition, Tower Semiconductor stopped providing financial guidance.
By Anusuya Lahiri
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