Record Revenues Fail to Fortify Tower on Nasdaq
The Israel-based chip company reported record numbers on all key metrics, but gave a cautious outlook for the next quarter
Lilach Baumer | 17:17 22.02.2018
Israel-based wireless chip and camera sensors manufacturer Tower Semiconductor Ltd. published its fourth quarter and annual reports for the fiscal year 2017 on Thursday, announcing record revenues of $358 million for the quarter, up 5.3% year to year. Though the sum fell slightly short of analyst expectations, the company matched the revenues it predicted for the quarter in its third quarter reports, published November.
For daily updates, subscribe to our newsletter by clicking here.For the first quarter of 2018, ending March 31, Tower cautiously predicted revenues of $325 million with an upward or downward range of 5%, citing industry seasonal behavior, but said it expects to see growth over the year.
Mr. Ellwanger launched a restructuring program, relying on monetary infusion from parent company Israel Corp., and changed the company's focus to the fabrication of customized analog chips. In 2008 he merged Tower with U.S.-based chip manufacturer Jazz Semiconductor, and since then expanded Tower's operations with several factory acquisitions in the U.S. and Japan.“I had a clear path and short-time goals, but how do you get employees passionate about something that will only happen in a decade?” Mr. Ellwanger told Calcalist. “My answer was by celebrating each short-term goal we achieve, and that is what we did.”
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