Tower Semiconductor Reports Second Quarter 2022 Record Revenue of $426 Million Year over Year Revenue Growth of 18% Total and 30% Organic
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TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | |
(dollars and share count in thousands, except per share data) | | | |
Three months ended | | | |
June 30, | |
March 31, | |
June 30, | | | |
2022 | |
2022 | |
2021 | | |
REVENUES |
$ 426,168 | |
$ 421,132 | |
$ 362,138 | | |
COST OF REVENUES |
313,728 | |
316,501 | |
288,383 | | |
GROSS PROFIT |
112,440 | |
104,631 | |
73,755 | | |
OPERATING COSTS AND EXPENSES: | | | | | | | |
Research and development |
20,481 | |
20,318 | |
21,081 | | |
Marketing, general and administrative |
21,285 | |
21,253 | |
18,671 | | | |
41,766 | |
41,571 | |
39,752 | | | | | | | | | | |
OPERATING PROFIT |
70,674 | |
63,060 | |
34,003 | | |
FINANCING AND OTHER EXPENSE, NET |
(8,162) | |
(2,133) | |
(484) | | |
PROFIT BEFORE INCOME TAX |
62,512 | |
60,927 | |
33,519 | | |
INCOME TAX EXPENSE, NET |
(4,339) | |
(5,153) | |
(2,202) | | |
NET PROFIT |
58,173 | |
55,774 | |
31,317 | | |
Net income attributable to non-controlling interest |
(96) | |
(1,741) | |
(451) | | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY |
$ 58,077 | |
$ 54,033 | |
$ 30,866 | | |
BASIC EARNINGS PER SHARE |
$ 0.53 | |
$ 0.50 | |
$ 0.29 | | |
Weighted average number of shares |
109,138 | |
108,934 | |
108,043 | | |
DILUTED EARNINGS PER SHARE |
$ 0.53 | |
$ 0.49 | |
$ 0.28 | | |
Weighted average number of shares |
110,561 | |
110,539 | |
109,629 | | | | | | | | | |
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