February 19, 2019 / 11:31 AM / a year ago

Chipmaker TowerJazz Q4 profit gains, sees economic headwinds in 2019

JERUSALEM, Feb 19 (Reuters) - Israeli chip manufacturer TowerJazz reported higher quarterly net profit but slightly missed estimates and forecast first-quarter revenue in-line with expectations, saying it enters 2019 with geo-economic headwinds.

TowerJazz, which specialises in analogue chips used in cars, medical sensors and power management, reported on Tuesday diluted earnings per share excluding one-time items of 41 cents in the fourth quarter, up from 37 cents a year earlier. Revenue slipped to $333.6 million from $357.6 million.

It was forecast to earn adjusted EPS of 42 cents on revenue of $336.9 million, according to I/B/E/S data from Refinitiv.

TowerJazz expects first-quarter revenue in a range of 5 percent above or below $310 million.

“We enter 2019 with certain geo-economic headwinds but remain confident in our value creation thesis,” said CEO Russell Ellwanger. (Reporting by Steven Scheer; Editing by Tova Cohen)

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