Photronics, Inc. (NASDAQ: PLAB) reported Q4 EPS of $0.10, $0.05 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $149.3 million versus the consensus estimate of $153.87 million.

• Fourth quarter 2020 revenue was $149.3 million, down 5% sequentially and 4% year-over-year
• Net income attributable to Photronics, Inc. shareholders $6.5 million, or $0.10 per diluted share, for the fourth quarter of 2020
• During the fourth quarter, cash provided by operating activities was $64.8 million, capex was $34.1 million, share repurchases were $17.5 million, and ending cash balance was $278.7 million

"We achieved record annual revenue for the third consecutive year in 2020, overcoming tremendous global and regional challenges,” said Peter Kirlin, chief executive officer. “Fourth quarter revenue declined 5% sequentially as typical seasonality was worsened by geopolitical factors and softness in some sectors. With the decrease in quarterly revenue, profit margins contracted due to the effect of operating leverage on our income. We increased our cash balance while investing in organic growth and returning cash to our shareholders through share repurchases, ending 2020 in a strong financial position. Our expectations are for another growth year in 2021, with high single-digit percent growth in revenue and an up-tick in operating profit similar to the 23% increase achieved in 2020.”

GUIDANCE:

Photronics, Inc. sees Q1 2021 EPS of $0.07-$0.14, versus the consensus of $0.16. Photronics, Inc. sees Q1 2021 revenue of $145-155 million, versus the consensus of $152.57 million.

• For the first quarter of 2021, Photronics expects revenue to be between $145 million and $155 million, and net income attributable to Photronics, Inc. shareholders to be between $0.07 and $0.14 per diluted share.

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