Tower Semiconductor has announced its financial results for the fourth quarter ended December 31, 2022. The company's annual revenue is expected to increase by 11.2% year-on-year, with gross profit increasing by 41.7% compared to the previous year. Operating profit and net income also experienced significant growth, increasing by 87.2% and 76.4%, respectively.
Fourth Quarter Results
Despite a year-on-year decrease in revenue for the fourth quarter, Tower Semiconductor reported a 25% year-on-year increase in gross profit. The company's operating profit also experienced a significant increase, rising by 77% compared to the same period last year. Net profit increased by 61% compared to the previous year, and operating cash flow was $133 million.
Investment and Debt Repayment
Tower Semiconductor invested $214 million in fixed assets in 2022 and repaid $78 million in debt. In the fourth quarter alone, the company invested $3800 million in fixed assets and repaid $11 million in debt.
Background
Gaota Semiconductor Co., Ltd. was originally an Israeli semiconductor foundry headquartered in Migdal Emek, Israel. The company was acquired by Intel for $5.4 billion on February 15, 2021. Tower Semiconductor is a global specialty foundry leader, serving a broad range of markets such as automotive, medical, industrial, consumer, aerospace and defense, and more. The company has manufacturing facilities in Israel, the United States, and Japan.
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