Specialty foundry Tower enjoys strong third quarter

Specialty foundry Tower enjoys strong third quarter

Business news |
By Peter Clarke

The foundry made a net profit of $39 million, more than double the $15 million net profit of a year before.

Russell Ellwanger, Tower CEO, said in a statement: “We are pleased that our strong business planning, followed by our operational execution on capacity expansion initiatives enable us to benefit from current market conditions and to have multiple corridors for revenue and margins increases for the next years. We have strong assurance of growth continuity due to the specific high value markets we chose to participate in, where we have strong customer relationships and mutual market positioning.”

“Our long-term forecast is very positive, indicating continuous growth for the foreseeable years,” Ellwanger concluded.

In the near-term Tower said 4Q21 revenue would be $410 million plus or minus 5 percent. At the mid-point this would represent a year-over-year rise of 19 percent.

At the mid-point the full-year revenue is forecast to be $1.507 billion, also an increase of 19 percent from 2020s full-year revenue.

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