Tower sees revenue growth throughout 2020

May 14, 2020 //By Peter Clarke
Tower sees revenue growth throughout 2020
Specialty foundry Tower Semiconductor Ltd. (Migdal Haemek, Israel) turned in a reduced net profit on marginally reduced revenues in 1Q20, but forecasts sequential quarterly growth through the year.

The continued sequential growth comes despite the expected recessionary impact of the Covid-19 pandemic and comes after updated forecasts from Tower's customers.

Tower's revenue in 1Q20 was $300.2 million, down 3.2 percent from $310.1 million in 1Q19. The net profit was $17.0 million compared with $26.2 million in 1Q19. However, this decline reflected a non-organic revenue reduction mainly due to renewed contract with Panasonic announced March 2019 (see Tower takes revenue hit in Panasonic extension ).

Tower said its $300 million quarterly revenue reflected 10 percent year-over-year organic revenue growth – defined to be revenue excluding revenues from Panasonic in the TPSCo fabs and revenues from Maxim in the San Antonio , Texas fab.

Tower said the outlook for 2Q20 was for revenue of between $294.5 million and $325.5 million, reflecting a 3.3 percent increase at the mid-point of $310 million.

"Updated customer forecasts continue to show quarter-over-quarter growth through the year," said Russell Ellwanger, CEO of Tower Semiconductor , in a statement.

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Tower takes revenue hit in Panasonic extension

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