Tower Semiconductor Company
Tower
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The company that develops and manufactures semiconductors for the electronics industry, published its financial statements for the fourth quarter of 2022 according to which its revenues amounted to $403.23 million compared to sales of $412 million in the fourth quarter of 2021. Analysts had expected revenues of $400.67 million.
Organic sales, defined as sales to all of the company’s customers excluding sales to Novoton from the factories in Japan and excluding sales to Maxim from the factory in San Antonio, increased by 6% compared to the fourth quarter of 2021. Sales in the third quarter of 2022 amounted to $427 million.
Gross profit amounted to $125 million, a 25% increase compared to a gross profit of $100 million in the corresponding quarter last year, which was mainly due to the replacement of sales from the Arai plant in Japan (which closed earlier this year) with organic sales with a higher profitability mix. Gross profit in the third quarter of 2022 was $125 million.
The operating profit amounted to 99 million dollars, an increase of 77% compared to an operating profit of 56 million dollars in the corresponding quarter. Operating profit in the third quarter of 2022 was $79 million. The operating profit for 2022 includes income and expenses in connection with the restructuring of the company’s operations in Japan, including the closing of the Arai factory in Japan that took place during 2022, as previously reported. These revenues and expenses are presented in a separate line in the company’s profit and loss statement in the amount of $14 million in revenue, net for the fourth quarter of 2022, compared to an expense of $4 million for the third quarter of 2022.
The net profit in the fourth quarter of 2022 amounted to 83 million dollars, about 75 cents per share, and is 61% higher than the net profit in the amount of 52 million dollars in the corresponding quarter, about 47 cents per share. Market analysts expected an adjusted profit of 57 cents per share.
The cash flow from current operations in the fourth quarter of 2022 amounted to $133 million and investments in fixed assets to $38 million, net, after receipts from the sale of machinery and equipment, including equipment sold following the discontinuation of the Arai factory in Japan. During the fourth quarter of 2022, the company repaid debts amounting to 11 million dollars.
Tower shares in Tel Aviv fell by 6% since the beginning of the year to a price of NIS 143.9 and a market value of NIS 15.82 billion.
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