The chipmaker Tower, which this week reported its sale to Intel for $ 5.8 billion (at a company value of $ 5.4 billion), today released its financial statements for the summary of the fourth quarter and 2021. Tower recorded lower revenues than analysts’ forecasts in the quarter but similar to previous forecasts. A stock that is higher than analysts’ forecasts.
The fourth quarter ended with revenue of $ 412 million, up 5.7% from the same quarter last year. According to GAAP, net income from the company’s shareholders reached $ 51.7 million, up from $ 39.1 million in the same quarter last year. Adjusted net income, less capital benefits to employees and amortization of intangible assets, amounted to $ 61.1 million, an increase of 35.6% over the same quarter last year. Adjusted net earnings per share reached 55 cents. EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 35.4% to approximately $ 130 million.
The year 2021 Tower Ended with a 19.2% growth in revenue, which reached more than $ 1.5 billion. Despite an increase in operating expenses, annual operating profit increased by 82.9% to $ 167 million, and the bottom line was a net profit attributable to shareholders of $ 150 million, compared to $ 82.3 million in 2020. Adjusted net income was $ 177 million, an increase of 75.5% over 2020.
During the year Tower generated $ 421 million from operating activities, an increase of 52.3% over 2020. At the end of the year, the company had $ 765 million in cash, compared with a long-term debt of $ 315 million.
Tower does not provide forecasts, given its sale to Intel.