Photronics (NASDAQ:PLAB)
Photronics (NASDAQ:PLAB) stock dropped by around 23% on August 30 after the business disclosed its revenue projection for the FQ4 fiscal quarter.
The revenue for FQ3 increased by +28.89% to a total of $219.95M, exceeding analysts’ expectations of $210M.
Revenue from integrated circuits increased by 37% year over year, reaching $161.3 million, while revenue from flat panel displays increased by 11% year over year, reaching $58.7 million.
“We accomplished our sixth consecutive quarter of record revenue thanks to strong end-market demand, attractive pricing dynamics, and great performance by the entire organization,” stated CEO Frank Lee. “This marks the sixth consecutive quarter in which we have set a new sales record.”
Photronics (NASDAQ:PLAB) reported a year-over-year rise in net income attributable to shareholders of +82.89%, reaching $31.23 million.
The cash balance is now at $381 million after the recent rise.
Outlook:
“Before I offer any direction, I want to take a moment to remind you that our visibility is constantly constrained because our backlog is usually between one and three weeks long, and the demand for some of our items is naturally uneven and difficult to forecast. Additionally, the ASPS for high-end mask sets is high. As this division of the company’s business expands, a relatively lower number of orders for high-end products can significantly impact our quarterly revenue and earnings. “On the FQ3 earnings call, Executive Vice President and Chief Financial Officer John Jordan stated.
Photronics (NASDAQ:PLAB) anticipates revenue for the fourth quarter to be between $205 million and $215 million, which is lower than the consensus revenue estimate of $214.53 million.
According to Jordan, “at the midpoint, this represents an increase of 16% over last year’s Q4 revenue and for the full fiscal year 2022 an increase of 24% over full-year fiscal 2021 revenue, which is in line with our expectations, although they have been somewhat tempered by economic uncertainty, the effects of foreign currency, and the typical Q4 seasonality.”
Photronics (NASDAQ:PLAB) anticipates that the net income per share attributable to Photronics stockholders will fall somewhere between $0.44 to $0.52.
Featured Image: Megapixl @4designersart
Author Shariq Khan 
