TSEM - Tower Semiconductor Embarks on Business Overhaul After Q4 Performance Stock Gains | Benzinga
Tower Semiconductor Ltd (NASDAQ:TSEM) reported a fourth-quarter FY23 revenue decline of 12.8% year-on-year to $351.71 million, beating the consensus of $350.00 million.
The high-value analog semiconductor solutions foundry's adjusted EPS of $0.55 beat the consensus of $0.52.
Gross profit was $84.42 million, down by 32.3% Y/Y. Operating profit of $45.17 million declined from $98.73 million a year ago.
It generated $126 million in operating cash flow and held $1.24 billion in cash and equivalents.
The company is optimizing its operations by strategically consolidating its 6" Fab 1 activities into its 8" Fab 2 operations. Parallel to this, it proposed to phase out certain lower-margin products.
CEO Russell Ellwanger stated: "We are seeing a rebound in several market segments, driving sequential revenue growth throughout the year."
Outlook: Tower Semiconductor ...