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.”
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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