Photronics, Inc. (NASDAQ: PLAB) reported Q2 EPS of $0.17, in-line with the analyst estimate of $0.17. Revenue for the quarter came in at $159.8 million versus the consensus estimate of $158.27 million.

• Revenue was a record $159.8 million, up 5% sequentially and 12% year-over-year
• Net income attributable to Photronics, Inc. shareholders was $10.5 million, or $0.17 per diluted share
• Cash provided by operating activities was $31.9 million, capex was $56.0 million, share repurchases were $10.0 million, and ending cash balance was $256.0 million

"We achieved record revenue in the quarter, with growth in both IC and FPD, demonstrating the strength and resiliency of our design-driven demand model, supported by world-class capabilities and unmatched global presence,” said Peter Kirlin, chief executive officer. “Our customers are responding to growing demand for their products, as they innovate to meet more advanced specifications. This creates an environment with strong design activity, driving mask demand across our business. As the largest merchant photomask manufacturer, we are well positioned to benefit from these trends. This ongoing market strength gives us confidence in meeting our long-term financial objectives as well as support for continued investment to expand capacity in our operations. Gross and operating margins expanded to 24.6% and 13.0%, respectively; and we are solidly executing our 2021 plan to outperform our market and increase operating profit by 23%.”

GUIDANCE:

Photronics, Inc. sees Q3 2021 EPS of $0.19-$0.25, versus the consensus of $0.21. Photronics, Inc. sees Q3 2021 revenue of $162-172 million, versus the consensus of $168.1 million.

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