Photronics Q3 Result Tops Consensus, Notes Margin Expansion

Photomask technologies and solutions provider Photronics Inc PLAB reported third-quarter FY21 revenue growth of 8% year-on-year to $170.6 million, beating the analyst consensus of $168.3 million.
Segments: Integrated circuit (IC) revenue grew 8% Y/Y to $117.8 million.
Flat-panel display (FPD) revenue increased 7% Y/Y to $52.9 million.
Margin: The gross margin expanded 266 bps to 26.6%.
EPS of $0.28 beat the consensus of $0.22.
Photronics generated $54.9 million in operating cash flow and held $283.2 million in cash and equivalents.
Design activity was intense, and Photronics succeeded in expanding its global manufacturing presence by adding new tools to its operations.
Outlook: Photronics sees Q4 revenue of $171 million - $179 million versus the consensus of $174.1 million.
The company sees EPS of $0.21 - $0.29 compared to the consensus of $0.25.
Price Action: PLAB shares traded higher by 0.15% at $13.63 on the last check Wednesday.

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