Israeli chipmaker Tower Semi second-quarter profit 1 cent short of estimates

JERUSALEM (Reuters) – Israeli chip manufacturer Tower Semiconductor missed quarterly profit estimates by one cent and said the company had not experienced any interruptions to its manufacturing or supply chain.

Tower , which specialises in analogue chips used in cars, medical sensors and power management, said on Wednesday it earned diluted earnings per share excluding one-time items of 22 cents in the second quarter, down from 24 cents a year earlier. Revenue rose to $310 million from $306 million.

It was forecast to earn adjusted EPS of 23 cents on revenue of $310 million, according to I/B/E/S data from Refinitiv.

“Our expansion into additional served markets for power management is well received,” CEO Russell Ellwanger said.

Tower Semi, which used to be called TowerJazz, expects third-quarter revenue in a range of 5% above or below $320 million. Analysts are forecasting $322 million in revenue.

(Reporting by Steven Scheer; Editing by Tova Cohen)