Photronics, Inc. (NASDAQ: PLAB) reported Q4 EPS of $0.15, in-line with the analyst estimate of $0.15. Revenue for the quarter came in at $156.3 million versus the consensus estimate of $147.37 million.

• Fourth quarter 2019 revenue increased 13% sequentially and 8% year-over-year to $156.3 million, a record overall and for both IC and FPD photomasks
• Effective cost control and operating leverage at the increased revenue level helped expand operating margin to 13.7%
• Net income attributable to Photronics, Inc. shareholders was $9.7 million, or $0.15 per diluted share
• Cash provided by operating activities was $48.3 million, resulting in a cash balance of $206.5 million
• 1.0 million shares were repurchased for $11.0 million

"Fourth quarter revenue was a record for us, marking the ninth consecutive quarter of year-over-year revenue growth and propelling us to record annual revenues for the second successive year. Design activity was robust across the majority of our customer base, and we continued to ramp production at two new manufacturing facilities in China,” said Peter Kirlin, chief executive officer. “IC and FPD revenues were both a record. FPD benefited from strong mobile display markets and growing G10.5+ production, and IC saw an acceleration of design activity in China. Gross and operating margins improved sequentially due to high operating leverage and tight cost controls. During the quarter, we resumed our share repurchase activity while also growing our cash balance on strong operating cash generation. 2019 was a great year for Photronics, achieving record revenue, maintaining a strong balance sheet, demonstrating a commitment to return cash to our shareholders, and establishing a solid manufacturing presence in the rapidly growing China market. We are well positioned to build on this strength in 2020 and beyond.”

GUIDANCE:

Photronics, Inc. sees Q1 2020 EPS of $0.13-$0.18, versus the consensus of $0.12. Photronics, Inc. sees Q1 2020 revenue of $146-154 million, versus the consensus of $143.07 million.

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