Israeli chipmaker Tower Semi second-quarter profit 1 cent short of estimates

JERUSALEM (Reuters) – Israeli chip manufacturer Tower Semiconductor (TSEM.TA) missed quarterly profit estimates by one cent and said the company had not experienced any interruptions to its manufacturing or supply chain.

Tower (TSEM.O), which specialises in analogue chips used in cars, medical sensors and power management, said on Wednesday it earned diluted earnings per share excluding one-time items of 22 cents in the second quarter, down from 24 cents a year earlier. Revenue rose to $310 million from $306 million.

It was forecast to earn adjusted EPS of 23 cents on revenue of $310 million, according to I/B/E/S data from Refinitiv.

“Our expansion into additional served markets for power management is well received,” CEO Russell Ellwanger said.

Tower Semi, which used to be called TowerJazz, expects third-quarter revenue in a range of 5% above or below $320 million. Analysts are forecasting $322 million in revenue.

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