MIGDAL HAEMEK, Israel (AP) _ Tower Semiconductor Ltd. (TSEM) on Monday reported earnings of $54 million in its first quarter.

The Migdal Haemek, Israel-based company said it had profit of 49 cents per share. Earnings, adjusted for stock option expense and amortization costs, were 55 cents per share.

The chipmaker posted revenue of $421.1 million in the period.

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