Photronics Inc. (NASDAQ:PLAB) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Photronics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 42.86% to $0.08 in the quarter versus EPS of $0.14 in the year-earlier quarter.
Revenue: Decreased 9.15% to $106.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Photronics Inc. reported adjusted EPS income of $0.08 per share. By that measure, the company missed the mean analyst estimate of $0.09. It missed the average revenue estimate of $108.47 million.
Quoting Management: Constantine (“Deno”) Macricostas, Photronics’ chairman and chief executive officer commented, “We achieved top and bottom line results within our expectations. High-end IC orders were up 31% sequentially even though we experienced some softness with a key Asian foundry customer. Flat panel orders were generally in line with the improved performance in the previous quarter. We continue to expect conditions in the market to be favorable for us in the coming quarters, especially at the high-end with our new equipment deployments.”
Key Stats (on next page)…
Revenue increased 6.87% from $99.84 million in the previous quarter. EPS increased 100% from $0.04 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.14 to a profit $0.13. For the current year, the average estimate has moved up from a profit of $0.40 to a profit of $0.44 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)