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Tower Semiconductor Ltd. (NASDAQ: TSEM) released its most recent quarterly results before the markets opened on Monday. The company said that it had $0.31 in earnings per share (EPS) on $312.7 million in revenue, which compares with consensus estimates of $0.42 in EPS on $325.03 million in revenue.

First-quarter revenues were seasonally down, reflecting a 5% decrease, as compared to $330 million in the first quarter from last year. Also at that time, the company reported EPS of $0.49.

Looking ahead to the second quarter, the company expects to see revenues of $335 million, with an upward or downward range of 5%, representing a sequential growth of 7%. The consensus estimates call for $0.49 in EPS on revenue of $343.72 million for the quarter.

Free cash flow for the latest quarter was $35 million, with $75 million cash flow from operations and $40 million investments in fixed assets, net. Tower Semiconductor had $464.66 million in cash, cash equivalents and short-term deposits, up from $432.11 million in the same period of last year.

CEO Russell Ellwanger commented:

This past quarter we formally began projects and/or were informed of wins for several varied industry defining projects with respective customer market leaders. The quarter, as forecasted, was impacted by seasonality and some activities, moving our offering to higher value richer mixes. Present customer forecasts show continued quarter over quarter growth throughout 2018, with a fourth quarter demonstrating over 25% organic business unit growth against the first quarter, and with commensurate bottom line achievements.

Shares were last seen down over 17% at $22.78 on Monday, with a consensus analyst price target of $37.75 and a 52-week range of $22.51 to $36.69.

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