Categories Earnings, Technology

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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