By Shares of Photronics surged by 20% following the company’s impressive earnings and revenue results in the fiscal fourth quarter. Additionally, the company has projected further growth in the current quarter.
Financial Performance
Photronics, known for its production of integrated circuit and flat panel display photomasks, reported a profit of $44.6 million, or 72 cents per share, in comparison to $37.1 million, or 60 cents per share, during the same period last year. Adjusted for one-time items, earnings were at 60 cents per share, surpassing analyst expectations of 53 cents per share.
Revenue Growth
The company experienced an 8% increase in revenue, reaching a total of $227.5 million for the quarter. Looking ahead to the first quarter of fiscal 2024, Photronics expects revenue to continue rising, estimating a range between $217 million and $225 million. This is an improvement from the $211.1 million reported in the same quarter of the previous year.
Future Outlook
For the first quarter of fiscal 2024, adjusted earnings are forecasted to be within the range of 45 cents to 53 cents per share.
The sudden surge in Photronic’s stock has resulted in a 55% year-to-date gain. As of recent trading, the stock is trading at $26.07, reflecting a 21% increase.
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