Tower Semiconductor (NASDAQ: TSEM) reported Q1 EPS of $0.31, in-line with the analyst estimate of $0.31. Revenue for the quarter came in at $347 million versus the consensus estimate of $345.2 million.

First Quarter of 2021 Highlights

• Revenues of $347 million, reflecting year over year 21% organic growth and 16% total growth.
• Significant year over year increases in gross profit, operating profit and net profit.
• Guides mid-range revenue for the second quarter of 2021 of $360 million, which represents a company record quarterly revenue, demonstrating 26% year over year organic growth and 16% total growth.
• Standard & Poor’s Ma’alot reaffirmed company’s rating of "ilAA-", with a stable horizon.
• As previously announced, $150 million of purchase orders have been issued for 200mm and 300mm manufacturing tools and related facilities, spoken for by customer demand forecast. Capacity increase will begin in the second half of 2021, targeting full qualification within the first quarter of 2022.

Mr. Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, commented: “With remarkable first quarter 2021 performance as a base, we are thrilled with the business and operational capabilities, enabling a second quarter mid-range record revenue guidance. Our comprehensive foundry platforms are replete with advanced analog technology differentiation, the source of our customer partnerships with analog industry leaders. We are excited with the prospect of continued leadership expansion throughout the year.”

GUIDANCE:

Tower Semiconductor sees Q2 2021 revenue of $360 million, versus the consensus of $351.41 million.

• Tower Semiconductor guides revenue for the second quarter of 2021 to be $360 million, the highest quarterly revenue in the Company’s history, with an upward or downward range of 5%. Mid-range guidance represents year over year 26% organic revenue growth and 16% total growth.

For earnings history and earnings-related data on Tower Semiconductor (TSEM) click here.