Tower Semiconductor Q3 Loss Narrows

(RTTNews) - Tower Semiconductor Ltd. (TSEM) Thursday reported a narrower loss in the third quarter, due mainly to a 70 percent rise in revenues and a larger income tax benefit.

Net loss narrowed to $19.44 million, from $31.78 million last year. Basic loss per share narrowed to $0.37, from $0.68 last year.

Excluding certain items, the company earned a profit of $30.88 million or $0.58 basic per share.

On average, three analysts polled by Thomson-Reuters estimated earnings to be $0.33. Analysts' estimates typically exclude one-time items.

The company recorded an income tax benefit of $9.98 million, compared with $3.29 million last year.

Revenues increased to $225.99 million, from $132.55 million in the previous year. Analysts projected revenues to be $226.17 million.

Looking ahead, the company expects fourth-quarter revenues to be $235 million or 5 percent up or down from it.