Tower Semiconductor Ltd. (NASDAQ:TSEM) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET

Company Participants

Noit Levy - Senior Vice President, Investor Relations and Corporate Communications
Russell Ellwanger - Chief Executive Officer
Oren Shirazi - Chief Financial Officer

Conference Call Participants

Cody Acree - Benchmark
Richard Shannon - Craig-Hallum
Mehdi Hosseini - SIG
Lisa Thompson - Zacks Investment Research
David Duley - Steelhead Securities

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Tower Semiconductor First Quarter 2024 Financial Results Conference call. All participants are currently in a listen-only mode. Following management’s prepared statements, instructions will be given for the question-and-answer session. [Operator Instructions]

As a reminder, this conference is being recorded May 9, 2024. Joining us today are Mr. Russell Ellwanger, Tower CEO; Mr. Oren Shirazi, CFO.

I would like to turn the conference call over to Ms. Noit Levy, Senior Vice President of Investor Relations and Corporate Communications. Ms. Levy, please go ahead.

Noit Levy

Thank you. And welcome to Tower financial results conference call for the first quarter of 2024. Before we begin, I would like to remind you that some statements made during this call maybe forward-looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected.

These uncertainties and risk factors are fully disclosed in our Forms 20-F and 6-K, filed with the Securities and Exchange Commission, as well as filings with the Israeli Securities Authority. They are also available on our website. Tower assumes no obligation to update any such forward-looking statements.

Please note that the first quarter of 2024 financial results have been prepared in accordance with U.S. GAAP. The financial tables and data in today’s earnings release and in this earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirements as established with the Securities and Exchange Commission. The financial tables include a full explanation of these measures and the reconciliation of these non-GAAP measures to the GAAP financial measures.

We have a supporting slide deck that complements today’s conference call. This presentation is accessible on our company’s website and is also integrated in today’s webcast for your convenience.

Now, I’d like to turn the call to our CEO, Mr. Russell Ellwanger. Russell, please go ahead.

Russell Ellwanger

Welcome, everyone. Thank you for joining our first quarter of 2024 earnings conference call. I have been looking forward to this opportunity to discuss our performance and positive outlook. Revenue for the first quarter was in the upper half of our guidance at $327 million. We delivered a net profit of $45 million, representing a net margin of 14%. For the remainder of 2024, our target is to achieve quarter-over-quarter revenue and margin increases. Our guidance for the second quarter is for revenue to be $350 million, plus-minus 5%.