February 22, 2018 / 9:24 AM / a year ago

Israeli chipmaker TowerJazz Q4 profit, revenue up

TEL AVIV, Feb 22 (Reuters) - Israeli chip manufacturer TowerJazz on Thursday reported higher quarterly net profit that beat expectations and forecast growth throughout 2018.

TowerJazz, which specialises in analogue chips used in cars, medical sensors and power management, earned $60 million excluding one-time items in the fourth quarter, up from $53 million a year earlier. Revenue rose to a record $358 million from $340 million.

Including two one-time income tax benefits, net profit in the quarter was a record $147 million.

The company was forecast to earn adjusted net income of $56.8 million on revenue of $358 million, according to Thomson Reuters I/B/E/S.

It expects first-quarter revenue of $325 million, plus or minus 5 percent, in line with industry seasonality. The company forecast growth throughout the year. (Reporting by Tova Cohen; Editing by Steven Scheer)

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