Photronics, Inc. (PLAB) Tops Q3 EPS by 3c, Revenues Beat; Offers 4Q Outlook

Photronics, Inc. (NASDAQ: PLAB) reported Q3 EPS of $0.18, $0.03 better than the analyst estimate of $0.15. Revenue for the quarter came in at $136.4 million versus the consensus estimate of $132.67 million.

"During the third quarter, demand remained strong across nearly all our end markets, and we benefitted from successfully repositioning the business to take advantage of growing markets in China and demand from captives,” said Peter Kirlin, chief executive officer. “High-end IC once again was the primary contributor to growth, nearly doubling compared with last year, up 94%. For FPD, sales of both AMOLED and LTPS LCD photomasks increased, primarily for mobile applications. With the increase in revenue, we expanded margins through operating leverage and cost control, delivering 15% operating margin. In addition to strong revenue and income growth, our cash balance increased to $333 million, demonstrating once again our ability to generate strong cash from operations. Our balance sheet is very healthy as we approach the peak of our China investment over the next two quarters, and we have begun to return cash to our shareholders through the initiation of a share repurchase program last quarter. We have increased our momentum heading into the end of fiscal 2018, and are now in an even stronger position to ramp our China facilities in 2019.”

GUIDANCE:

Photronics, Inc. sees Q4 2018 EPS of $0.14-$0.19, versus the consensus of $0.15. Photronics, Inc. sees Q4 2018 revenue of $133-141 million, versus the consensus of $136.53 million.

For earnings history and earnings-related data on Photronics, Inc. (PLAB) click here.

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