Photronics, Inc. (NASDAQ: PLAB) reported Q4 EPS of $0.18. Revenue for the quarter came in at $144.7 million versus the consensus estimate of $137.2 million.

• Fourth quarter 2018 revenue was a record $144.7 million, up 20% year-over-year and 6% sequentially
• Record FPD revenue of $33.8 million on strong high-end AMOLED demand
• Full-year 2018 revenue was a record $535.3 million, up 19% over the previous year
• Net income attributable to Photronics, Inc. shareholders was $12.5 million, or $0.18 per diluted share
• Cash balance was $329 million, with strong operating cash flow of $43.6 million and capex of $28.2 million
• Returned $16.3 million to shareholders through share repurchase program
• First quarter 2019 guidance: revenue between $120 and $130 million with diluted EPS between $0.01 and $0.07

"We achieved record revenue during the fourth quarter, with growth in both IC and FPD, as mask demand remained strong and we continued to benefit from our successful repositioning of the business,” said Peter Kirlin, chief executive officer. “Record revenue in FPD was accomplished through growth in high-end AMOLED, strong demand in Korea and solid demand in China. Within IC, high-end memory increased sequentially while high-end logic decreased as our customers experienced softening demand in their end markets. While revenue increased, margins were slightly down due to tool relocation expenses, startup costs in China, and shifts in product mix. We believe all of these are temporary and margins should improve as high-end IC strengthens and our China startup is complete. Despite lower margins, we generated strong cash from operations and were able to defer some capex payments into the first quarter, maintaining a high cash balance. We are well positioned heading into 2019 to ramp our China factories and continue with the next phase of profitable growth.”

GUIDANCE:

Photronics, Inc. sees Q1 2019 EPS of $0.01-$0.07. Photronics, Inc. sees Q1 2019 revenue of $120-130 million, versus the consensus of $130.2 million.

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