Tower fourth quarter revenues: $ 306 million, below analysts expectations
Posted on Feb 18, 2020 by Ifi Reporter
The chip company Tower (NYSE: TSEM) released its fourth quarter results. As part of that, it posted $ 306 million in revenue, below analysts' expectations. Adjusted net income was 23 cents a share, compared with expectations of 25 cents a share. The company expects revenues of about $ 300 million in the first quarter of 2020 - as forecast.
Sabina Levy, head of research at Leider Capital Markets, referring to the company's reports, said, "The quarter's results were below market expectations, and also stressed the forecast I gave. One reason is that the company recorded a $ 36 million decrease in organic revenue, apparently In March of this year, the company updated its agreement with Panasonic, which led to a decrease in revenues of $ 20-25 million in the quarter, as well as weaknesses in certain segments of its operations, however, the report was relatively weak and in the first place The outlook provided by the company was low, and the fact that it failed to do so also added to the disappointment of the market. From the results. "
The company provided a slightly lower forecast than the market forecast. Compared to the forecast for 2020 as a whole, the company assumes there will be an improvement over the quarters of the year with a particularly strong second half as they talk about double-digit organic growth throughout the year. "
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