May 14 (Reuters) - Contract chipmaker Tower

Semiconductor forecast second-quarter revenue

above Wall Street estimates on Wednesday, driven by strong

demand for wireless communication and power management chips.

The Israel-based company specializes in analog and

mixed-signal semiconductor manufacturing, catering to industries

such as automotive, industrial, consumer electronics and

communications.

While demand from key industries such as automotive has been

choppy in recent quarters, with inventory corrections and softer

electric-vehicle demand weighing on orders, Tower Semiconductor

is benefiting from higher demand in other end-markets.

The company said it saw record revenue from radio frequency

infrastructure technologies, used in wireless communication and

sensing applications.

Tower Semiconductor forecast second-quarter revenue of

$372 million, with an upward or downward range of 5%, slightly

above analysts' estimates of $371.3 million, according to data

compiled by LSEG.

Tower Semiconductor has also been ramping up capacity by

expanding its facility in Agrate, Italy. While that has driven

up costs, it still reported an adjusted profit of 45 cents per

share in the first quarter, beating estimates of 38 cents.

The company also reaffirmed its expectations for sequential

growth in its quarterly revenues throughout the year. It

reported revenue of $358.2 million for the quarter ended March

31, in line with estimates.

The U.S.-listed shares of the company were down about 1% in

premarket trading.