Tower Semiconductor reports Q1 adjusted EPS 45c, consensus 38c

Reports Q1 revenue $358M, consensus $358.09M. Russell Ellwanger, Chief Executive Officer of Tower Semiconductor (TSEM), stated: “Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”