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Israel’s Tower Semiconductor see profit increase as Intel sale pending

Tower Semiconductor on Thursday reported a higher than expected rise in quarterly profit, days after Intel Corp said it planned to buy the Israeli chipmaker.

The company, previously called TowerJazz, earned diluted earnings per share of 55 cents excluding one-time items in the fourth quarter, up from 34 cents a year earlier. Revenue rose 19per cent to $412 million, with organic growth up 28per cent.

Tower was forecast to earn EPS of 46 cents on revenue of $425 million, according to I/B/E/S data from Refinitiv.

For all of 2021, Tower earned an adjusted $1.37 per diluted share, versus 76 cents in 2020. Revenue gained 19per cent to $1.51 billion. Analysts had forecast EPS ex-one offs of $1.53 on revenue of $1.51 billion.

Tower’s shares have risen more than 40per cent since Intel’s announcement. CNA

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