Photronics, Inc. (PLAB) Reports In-Line Q1 EPS, Revenues Beat; Offers Q2 EPS/Revenue Mid-Point Guidance Below Consensus

Photronics, Inc. (NASDAQ: PLAB) reported Q1 EPS of $0.16, in-line with the analyst estimate of $0.16. Revenue for the quarter came in at $159.7 million versus the consensus estimate of $150.5 million.

• First quarter 2020 revenue of $159.7 million was a record, up 2% sequentially and 28% year-over-year
• Net income attributable to Photronics, Inc. shareholders was $10.3 million, or $0.16 per diluted share
• Cash provided by operating activities was $30.8 million, resulting in a cash balance of $218.3 million
• 0.9 million shares were repurchased for $11.0 million

"We continued to perform well in the first quarter, achieving record revenues for the second consecutive quarter, as design activity remained high and we were able to extend our FPD leadership by bringing more capacity to the market,” said Peter Kirlin, chief executive officer. “IC revenues were up year-over-year, but down sequentially due to seasonal softness. An uptick in operating expenses associated with ramping our two new facilities drove operating margins below fourth quarter levels. Below the operating line, a foreign exchange gain and other one-time effects resulted in earnings of $0.16 per share. We generated $30.8 million cash flow from operating activities, resulting in a cash position of $218.3 million. Despite potential short-term impact that may result from the coronavirus, we are optimistic that our long-term goals for 2020 are still on track. We continue to develop investment plans to drive further profitable growth across our operations.”

GUIDANCE:

Photronics, Inc. sees Q2 2020 EPS of $0.11-$0.17, versus the consensus of $0.17. Photronics, Inc. sees Q2 2020 revenue of $145-155 million, versus the consensus of $151.9 million.

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

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