Photronics Up 19% From Fourth Quarter Profits
By Sam Boughedda
Investing.com – Photographic mask technology and solutions company Phototronic Inc (NASDAQ 🙂 on Wednesday reported earnings above analysts’ expectations, sending its price 19% above Tuesday’s close.
The company reported earnings per share of 33 cents on revenue of $ 181.3 million, higher than expectations of analysts polled by Investing.com, who expected EPS of 25 cents on revenue of $ 175 million.
With revenues hitting a third consecutive quarterly record, Photronics said previous investments in targeted technologies were paying off. In addition, the expansion of margins accompanies the growth in turnover.
Meanwhile, its revenue of $ 663.8 million was a record for the fourth year in a row, up 9% from 2020.
âPhotronics achieved a fourth consecutive year of record sales as demand for our design-driven products accelerated and we fully increased our flat panel display capacity,â said Peter Kirlin , CEO of Photronics.
“We made strategic investments in 2021 that have positioned us to achieve organic growth, as market trends such as increasing demand from Asian foundries and the adoption of advanced display technologies in mobile applications have pushed the market up. “
For the first quarter of 2022, the Connecticut-based company is forecasting revenue of between $ 178 million and $ 186 million and EPS of between 27 cents and 34 cents, both above analysts’ expectations.