Photronics, Inc. (PLAB) Tops Q3 EPS by 2c, Revenues Beat; Offers 4Q EPS/Revenue Guidance Below Consensus

Photronics, Inc. (NASDAQ: PLAB) reported Q3 EPS of $0.17, $0.02 better than the analyst estimate of $0.15. Revenue for the quarter came in at $157.9 million versus the consensus estimate of $150.9 million.

• Third quarter 2020 revenue was $157.9 million, up 11% sequentially and 14% year-over-year
• Net income attributable to Photronics, Inc. shareholders was $10.8 million, or $0.17 per diluted share
• Cash provided by operating activities was $16.9 million, resulting in a cash balance of $260.6 million
• Fourth quarter 2020 guidance: revenue between $148 and $158 million with diluted EPS between $0.12 and $0.19

"Customer demand improved this quarter, and we achieved double-digit revenue growth rates compared with last quarter and last year due to our diverse market position and technology leadership,” said Peter Kirlin, chief executive officer. “China demand recovered for both IC and FPD, with total revenue of product shipped to China increasing 10% compared with the previous quarter. From a market perspective, mainstream IC and high-end FPD were notable areas of strength. We were able to leverage the growth in revenues to expand profit margins, while also managing expenses, resulting in 12.6% operating margin and $0.17 earnings per diluted share. Our cash balance grew to $260.6 million, providing us with financial strength and flexibility as we look to continue our strategic growth investments. We are well placed to pursue attractive organic growth opportunities and expand our leadership position.”

GUIDANCE:

Photronics, Inc. sees Q4 2020 EPS of $0.12-$0.19, versus the consensus of $0.21. Photronics, Inc. sees Q4 2020 revenue of $148-158 million, versus the consensus of $159.77 million.

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

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