May 8, 2017 / 10:21 AM / 2 months ago

Israeli chipmaker TowerJazz Q1 profit beats estimates

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TEL AVIV, May 8 (Reuters) - Israeli chipmaker TowerJazz reported quarterly net profit that beat estimates and forecast record revenue in the second quarter, boosted by robust demand from high margin businesses such as image sensors.

TowerJazz said on Monday it earned 45 cents per diluted share in the first quarter, down from 69 cents a share a year earlier, when the company reported a $41 million gain from the acquisition of a plant in Texas. Excluding one-time items, EPS rose to 49 cents from 31 cents.

Revenue grew 19 percent to $330 million.

The company was forecast to earn 43 cents a share ex-items on revenue of $330 million, according to Thomson Reuters I/B/E/S.

It projects second-quarter revenue of $345 million, plus or minus 4 percent, for a 13 percent annual gain. (Reporting by Tova Cohen; Editing by Steven Scheer)

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