Tower Semiconductor Sees Q2 Revenues Above View; Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Wednesday, Tower Semiconductor (TSEM) said it expects revenues for the second quarter to be $372 million, with an upward or downward range of 5 percent.

On average, five analysts polled expect the company to report revenues of $371.26 million for the quarter.

For the first quarter, the company posted net profit attributable to the company of $40.14 million or $0.35 per share, up from $44.63 million or $0.40 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.45 per share, compared to $0.46 per share in the year-ago quarter.

Revenues for the quarter grew 9 percent to $358.17 million from $327.24 million in the same quarter last year.

The Street was looking for earnings of $0.38 per share on revenues of $358.09 million for the quarter.

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