Lisa Thompson
Growth at reasonable price, research analyst, tech, small-cap

Tower Semiconductor: Joint Venture Kicks Up Growth

Q2 2014 Beats with Higher-than-Expected Revenues

Tower Semiconductor (NASDAQ:TSEM) reported its first quarter with the Panasonic (OTCPK:PCRFY) joint venture (TPS) included. It reported revenues of $234.1 million, versus $125.2 million last year up 87% and versus $112.6 million in the first quarter of 2014, which had no joint venture revenues. This was $9 million higher than we expected. For the third quarter, ending September 30, 2014, the company guided to a range of $213-236 million in revenues with a mid-point of $225 million, which is $5 million higher than our previous estimate. This number is sequentially lower because of the drop off in Micron revenues that are expected to now be zero going forward from $31

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