Photronics’ Q4 results beat estimates

Photronics Inc. (PLAB) beat analysts’ expectations on both revenue and earnings for the fourth quarter of 2018. Despite the beat, the stock was down 0.10% during premarket hours on Wednesday.

Total revenue rose 20% to a record $144.7 million versus last year, helped by growth in the IC and FPD segments, strong mask demand and successful business repositioning.

Net income attributable to Photronics Inc. shareholders was $12.5 million, or $0.18 per share, compared to $5.4 million, or $0.08 per share, in the same period last year.

During the quarter, integrated circuit (IC) revenue grew 15% to $110.9 million from last year. The segment saw sequential growth in high-end memory while high-end logic declined due to soft demand in customer end-markets.

Earnings preview: Integrated circuits demand to drive Photronics Q4 results

Flat panel display (FPD) revenue grew 36% to $33.8 million versus the year-ago quarter, driven by growth in high-end AMOLED as well as strong demand in Korea and China.

For the first quarter of 2019, Photronics expects revenue to be between $120 million and $130 million and diluted EPS to be between $0.01 and $0.07. The company believes it is well-positioned moving into 2019 to ramp its China factories and continue with the next phase of profitable growth.

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