Photronics, Inc. (PLAB) Tops Q1 EPS by 2c, Revenues Beat; Offers 2Q EPS Mid-Point Guidance Above Consensus, 2Q Revenue Mid-Point Guidance Below Consensus

February 24, 2021 6:15 AM EST

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Photronics, Inc. (NASDAQ: PLAB) reported Q1 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $152.1 million versus the consensus estimate of $150.03 million.

  • Revenue was $152.1 million, up 2% sequentially and down 5% year-over-year
  • Net income attributable to Photronics, Inc. shareholders was $8.0 million, or $0.13 per diluted share
  • Cash provided by operating activities was $26.3 million, capex was $17.5 million, share repurchases were $13.2 million, and ending cash balance was $278.5 million

"We achieved sequential revenue growth in the first quarter, a period that is typically down seasonally, due to strong demand for mobile displays and a recovery in memory,” said Peter Kirlin, chief executive officer. “Our diverse and broad industry exposure enabled us to perform well even as mask demand was somewhat muted in certain sectors as foundries responded to semiconductor shortages, limiting new design activity. The outlook for mask demand in 2021 is positive as additional capacity is brought on line by our customers. Our financial position remains strong and we anticipate completing the next phase of our FPD investment in the second half of fiscal 2021. We expect to grow 2021 revenue by high single-digit percent with an increase in operating profit similar to the 23% increase achieved in 2020.”

GUIDANCE:

Photronics, Inc. sees Q2 2021 EPS of $0.14-$0.20, versus the consensus of $0.16. Photronics, Inc. sees Q2 2021 revenue of $153-162 million, versus the consensus of $160 million.

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



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