Imaging technology solutions company Photronics (PLAB) Thursday reported better-than-expected first quarter earnings, though revenue fell below the Street consensus. Net income attributable to Photronics fell to 8 cents per share from 9 cents per share a year ago. However, it was better than analysts’ expectation of 5 cents per share.
Revenue gained 1% to $124.7 million but fell short of the street expectation of $125.1 million. Revenue from integrated circuits declined 1% year-over-year, while that from flat panel display grew 7%.
CEO Peter Kirlin said, “We saw weaker demand in IC, for both high-end and mainstream, due to semiconductor industry macro headwinds and seasonal softness. For FPD, AMOLED demand was solid once again as new product development and introduction continues.”
READ: 5G deployment boosts Analog Devices Q1 results
He added that the work on the new China facility is progressing, where production is expected to kick-start in the second quarter.
For the second quarter of 2019, Photronics expects revenue between $125 million and $135 million, and net income in the range of $0.03 to $0.10 per diluted share.
PLAB ended its last trading session down 0.26% in red on Wednesday. The stock has gained almost 49% in the trailing 52 weeks.
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