February 13, 2017 / 9:39 AM / 6 months ago

Chipmaker TowerJazz Q4 profit jumps, tops estimates

JERUSALEM, Feb 13 (Reuters) - Israeli chipmaker TowerJazz reported a doubling of quarterly net profit that beat estimates, boosted by robust demand from existing and new customers.

TowerJazz said on Monday it earned 52 cents per diluted share excluding one-time items in the fourth quarter, up from 27 cents a share a year earlier. Revenue grew 34 percent to a record $340 million.

The company was forecast to earn 48 cents a share ex-items on revenue of $339.9 million, according to Thomson Reuters I/B/E/S.

It projects first-quarter 2017 revenue of $330 million, plus or minus 5 percent, for a 19 percent annual gain. (Reporting by Steven Scheer; Editing by Tova Cohen)

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