Tower Semiconductor beats top-line and bottom-line estimates; gives Q4 outlook

What happened: Tower Semiconductor reported third quarter results that beat top-line and bottom-line estimates and provided fourth quarter revenue guidance. Key numbers: Q3 GAAP EPS $1.05, beat by $0.10. Revenue $526M, up 19.5% Y/Y, beat by $3.94M. Q3 operating cash flow $185M, property and equipment investments $191M. Why it matters: The Q4 guidance midpoint of $600M exceeds the $579.74M consensus, and the company described the quarter as record results with record fourth quarter guidance.

Tower Semiconductor reported third quarter results that beat top-line and bottom-line estimates and provided fourth quarter revenue guidance.

The Q4 guidance midpoint of $600M exceeds the $579.74M consensus, and the company described the quarter as record results with record fourth quarter guidance.