Why Photronics (PLAB) Shares Are Jumping Today - Photronics (NASDAQ:PLAB)

Photronics, Inc PLAB reported Q2 FY23 revenue growth of 12% Y/Y to $229.3 million, beating the consensus of $211 million.
IC revenue was $167.1 million, up 15% Y/Y. FPD revenue was $62.3 million, up 6% Y/Y.
Adjusted EPS of $0.54 beat the consensus of $0.44.
Operating cash flow for the six months stood at $109.7 million vs. $103.3 million a year ago.
Cash and equivalents stood at $367.5 million at the end of the quarter.
Frank Lee, CEO, commented, "We achieved record revenue in the second quarter with growth across IC and FPD as demand for our design-driven product remained high."
"Mainstream IC demand remained robust across all regions, especially Asia and the US. FPD demand was driven primarily by AMOLED for advanced mobile displays as that technology continues to be adopted across new devices. Profit margins expanded on positive volume leverage, pricing, favorable mix, and tight control of cost."
Outlook: Photronics expects Q3 revenue of $224 million-$234 million (consensus: $220 million) and adjusted EPS of $0.48- $0.54 (consensus: $0.48).
Price Action: PLAB shares traded higher by 12.7% at $19.40 on the last check Wednesday.

Why Photronics Shares Are Jumping Today