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© batman2000 dreamstime.com Components | May 10, 2016

Record Q1 revenues for TowerJazz

Israeli chip maker TowerJazz saw its 2016 first quarter revenues climb to a record USD 278 million, reflecting 23% growth as compared with the first quarter of 2015 and 9% higher than the previous quarter.
Gross profit for the first quarter of 2016 was USD 61 million as compared with USD 33 million gross profit in the first quarter of 2015, and with USD 65 million gross profit in the immediately preceding quarter.

Operating profit was USD 31 million for the first quarter of 2016, as compared with USD 2 million reported in the first quarter of 2015 and USD 34 million operating profit in the immediately preceding quarter.

EBITDA for the first quarter totaled USD 78 million. This represents a 51% increase as compared with USD 51 million EBITDA in the first quarter of 2015 and represents an increase from USD 76 million EBITDA in the immediately preceding quarter.

Net profit for the first quarter of 2016 was USD 66 million, compared with USD 22 million in the immediately preceding quarter and compared with a loss of USD 73 million in the first quarter of 2015.

Russell Ellwanger, Chief Executive Officer of TowerJazz, commented, “We are pleased with our first quarter financial results; continued revenue and EBITDA growth above previous records. During the quarter, we completed the acquisition of the San Antonio factory, a key strategic move, increasing our business relationship with Maxim while providing additional capacity in close proximity to our large US customer base. We have already qualified and taped-out multiple RF flows for key customers that will provide revenues in the fourth quarter this year and a strong ramp through 2017.”

TowerJazz expects revenues for the second quarter of 2016 ending June 30, 2016 to be USD 300 million, with an upward or downward range of 5%, representing approximately 27% year over year revenue growth as compared with the second quarter of 2015 and 8% growth as compared with the first quarter of 2016.
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