Wed, Nov. 11, 12:17 PM
- TowerJazz (NASDAQ:TSEM) has rallied above $15 after beating Q3 estimates and guiding for Q4 revenue of $252M (+/- 5%), above a $249.9M consensus at the midpoint and representing 21% Y/Y organic growth (7% overall growth).
- Q3 organic growth (excludes Micron and Panasonic) was 28%, with photomasks and design wins both rising 13%. The specialty foundry declares it has "confidence in a very strong 2016 and beyond." $45M in advance payments have been received for capacity bookings.
- Financials: Gross margin (non-GAAP) rose to 38% from 37% in Q2 and 30% a year ago. R&D spend rose by $0.4M Y/Y to $15.8M; MG&A spend fell by $0.2M to $14.8M. TowerJazz ended Q3 with $155M in cash, and $134M in net debt.
- Q3 results, PR
Wed, Nov. 11, 6:09 AM
Fri, Nov. 6, 4:47 PM
- The Philadelphia Semi Index (SOXX +2.6%) rallied after Nvidia (NVDA +13.9%) beat estimates and provided strong guidance (gaming GPUs led the way), Skyworks (SWKS +7.1%) offered good calendar Q4 guidance and RF chip peer Qorvo (QRVO +23.2%) posted better-than-feared results and guidance. The Nasdaq rose just 0.4%.
- Also: Analog/Ethernet chipmaker Microsemi (MSCC +4.9%) beat calendar Q3 revenue estimates and offered solid Q4 guidance: Revenue of $325M-$329M and EPS of $0.70-$0.74 vs. a consensus of $323.5M and $0.72.
- Big gainers today included specialty foundry/Skyworks supplier TowerJazz (TSEM +6%), smart TV/home automation chipmaker Sigma Designs (SIGM +16.6%), telecom/networking IC provider InPhi (IPHI +6.7%), touch controller/LCD driver supplier Synaptics (SYNA +6.1%), FPGA maker Lattice Semi (LSCC +6.6%), network processor vendor Cavium (CAVM +5.6%), DSP core IP provider CEVA (CEVA +7.2%), and analog/mixed-signal chipmakers MagnaChip (MX +4.6%) and Semtech (SMTC +5.4%).
- On its earnings call (transcript), Qorvo mentioned Chinese smartphone demand (a recent headwind) is "seeing a bit of a rebound," and that the launch of 5-mode and 6-mode Chinese 4G phones is boosting RF chip content. Qorvo also thinks Chinese base station activity (an issue for many telecom chip/component firms) bottomed in Q3, but cautions a mobile infrastructure recovery is expected to be gradual.
- Microsemi stated on its call (transcript) broadband gateway chip sales were a Q3 strong point, that telecom infrastructure began to improve, and that defense/aerospace sales are expected to rebound in 2016. Industrial demand remained soft in Q3.
- MKM's Ian Ing has upgraded Nvidia to Buy, calling shares "expensive and worth it." Ing: "We see a sustainable growth trajectory, given [Nvidia's] positioning to lead in significant paradigm changes favoring more valuable semiconductor solutions: automotive evolving from driver assist to autonomous driving, gaming transitioning to virtual reality and professional or social E-sports, and cloud computing increasingly using GPU accelerators for machine learning."
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
- Last week: Chip stocks sell off after NXP, STMicro, others issue soft guidance
Wed, Aug. 5, 6:10 PM
- TowerJazz (NASDAQ:TSEM) rallied to $13.93 today after beating Q2 estimates with the help of strong demand from RF front-end module (e.g. Skyworks), image sensor (e.g. Himax), and power management IC clients. Q3 revenue guidance of $244M is below a $247.5M consensus, but a soft forecast was expected after a long list of chipmakers provided light guidance in recent weeks.
- Q2 Y/Y organic growth (excludes Micron and Panasonic) was 35%. Gross margin (non-GAAP) rose to 37% from Q1's 36% and Q2 2014's 27%. The Israeli specialty foundry ended Q2 with $150M in net debt.
- Q2 results, PR
Wed, Aug. 5, 5:37 AM
Wed, May 13, 2:08 PM
- On top of beating Q1 estimates, TowerJazz (NASDAQ:TSEM) has guided for Q2 revenue of $235M (+/- 5%), above a $233.2M consensus at the midpoint. With shares up 90% from their October low going into earnings and major client Skyworks having provided strong results/guidance, expectations were somewhat high.
- Q1 organic Y/Y revenue growth (takes the Panasonic JV deal into account) was 33%; it was 71% overall. Photomasks entering the Israeli specialty foundry's fabs rose 37% (45% inc. the Panasonic JV). Gross margin rose to 36% from 34% a year ago, and operating expenses 73% to $29.4M. Net debt stood at $162M at quarter's end.
- Q1 results, PR
Wed, May 13, 5:42 AM
Mon, Feb. 23, 9:43 AM
- In addition to soundly beating Q4 EPS estimates (and slightly beating on revenue), TowerJazz (TSEM +13.1%) is guiding for Q1 revenue of $225M (+/- 5%), good for 70% Y/Y growth and above a $224M consensus at the midpoint. The specialty foundry also says it aims to "achieve annualized non-GAAP gross profit in [Q4 2015] of about $400 million."
- Driving the EPS beat: Gross margin rose to 36% from 30% in Q3 and 34% a year ago. R&D spend rose 76% Y/Y to $13.7M, and MG&A spend 40% to $14.6M (compares with 75% revenue growth).
- Organic revenue growth was 23%. Revenue from "organic" top-10 customers (excludes Micron and Panasonic) rose 32% Y/Y. TowerJazz ended 2014 with $187M in cash, and $387M in debt.
- Shares are back withing $2 of a 52-week high of $16.59.
- Q4 results, PR
Mon, Feb. 23, 5:50 AM
Nov. 13, 2014, 6:20 AM
Aug. 4, 2014, 5:55 AM
Feb. 27, 2014, 6:01 AM
Nov. 6, 2013, 5:54 AM
Aug. 8, 2013, 6:03 AM
Aug. 9, 2012, 5:46 AM
May 17, 2012, 6:17 AM
Tower Semiconductor Ltd is a pure-play independent specialty foundry dedicated to the manufacture of semiconductors. It manufactures ICs on silicon wafers, using the customer's proprietary circuit designs.
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