Benzinga -
- Photronics, Inc (NASDAQ: PLAB) reported fourth-quarter FY22 revenue growth of 16% year-on-year to $210.3 million, marginally beating the consensus of $210 million.
- Segments: Integrated circuit (IC) revenue grew 25% Y/Y to $156.2 million. Flat-panel display (FPD) revenue decreased by 3% Y/Y to $54.1 million.
- Margin: Gross margin expanded by 952 bps to 38.2%. Operating margin expanded by 1,030 bps to 28.8%.
- EPS of $0.60 beat the consensus of $0.48.
- "We posted a solid finish to a great year, achieving record revenue for the fifth consecutive year as demand for our design-driven products remained strong and our entire team performed well," CEO Frank Lee said. "In the quarter, IC was soft, primarily due to lower high-end logic demand from foundries in Asia. High-end FPD also declined as panel makers of premium smartphones are focused on producing new products and have temporarily slowed design activity."
- Photronics held $359 million in cash and equivalents.
- Outlook: Photronics sees Q1 revenue of $203 million - $213 million versus the consensus of $209 million.
- The company sees EPS of $0.40 - $0.48 versus the consensus of $0.46.
- Price Action: PLAB shares traded higher by 4.39% at $19.28 in premarket on the last check Tuesday.