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MIGDAL HAEMEK, Israel (AP) _ Tower Semiconductor Ltd. (TSEM) on Monday reported first-quarter profit of $26.1 million.
On a per-share basis, the Migdal Haemek, Israel-based company said it had net income of 26 cents. Earnings, adjusted for non-recurring costs and amortization costs, were 31 cents per share.
The chipmaker posted revenue of $312.7 million in the period.
For the current quarter ending in July, Tower Semiconductor said it expects revenue in the range of $335 million.
Tower Semiconductor shares have dropped 19 percent since the beginning of the year. The stock has increased 29 percent in the last 12 months.
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