Photronics, Inc. (PLAB) Misses Q2 EPS by 4c, Revenues Miss; Offers 3Q EPS/Revenue Mid-Point Guidance Below Consensus

Photronics, Inc. (NASDAQ: PLAB) reported Q2 EPS of $0.10, $0.04 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $142.8 million versus the consensus estimate of $147.63 million.

• Second quarter 2020 revenue was $142.8 million, down 11% sequentially and up 9% year-over-year
• Net income attributable to Photronics, Inc. shareholders was $6.3 million, or $0.10 per diluted share
• Cash provided by operating activities was $30.5 million, resulting in a cash balance of $237.8 million
• Third quarter 2020 guidance: revenue between $145 and $155 million with diluted EPS between $0.11 and $0.17

"Our entire organization performed well, working hard to meet customer needs during an unprecedented period characterized by supply chain challenges and growing uncertainty,” said Peter Kirlin, chief executive officer. “Our business was soft in China, due primarily to shelter-in-place directives that caused some customers to push out orders, particularly for IC foundries and high-end display panel production. As we ended the quarter, most of these directives were lifted and demand began strengthening. Our low-cost focus and strong balance sheet are helping us to navigate the uncertainty. We remain focused on compelling long-term growth opportunities and are committed to investing to expand market share and maintain technology leadership, primarily in mobile display applications, which we anticipate will continue to grow.”

GUIDANCE:

Photronics, Inc. sees Q3 2020 EPS of $0.11-$0.17, versus the consensus of $0.16. Photronics, Inc. sees Q3 2020 revenue of $145-155 million, versus the consensus of $154.27 million.

• For the third quarter of 2020, Photronics expects revenue to be between $145 million and $155 million, and net income attributable to Photronics, Inc. shareholders to be between $0.11 and $0.17 per diluted share.

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

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