- Photronics, Inc (NASDAQ:PLAB) reported first-quarter revenue growth of 11% year-on-year to $211.1 million, beating the consensus of $201 million.
- IC revenue was $156.6 million, up 21% Y/Y. FPD revenue was $54.5 million, down 9% Y/Y.
- Adjusted EPS of $0.40 was in-line with the consensus.
- “We made a great start to 2023 and grew revenue sequentially, as both IC and FPD high-end businesses improved due to ongoing design-driven demand,” CEO Frank Lee said. “IC growth was driven by high-end demand from Asian foundries; FPD benefited from increased G10.5+ demand and continued strength in mobile displays.”
- “Profit margins were somewhat softer than the previous quarter primarily due to less favorable mix and somewhat lower customer premiums to accelerate delivery,” added Lee.
- Outlook: Photronics expects Q2 revenue of $205 million – $215 million (consensus $214 million) and EPS of $0.38 – $0.48 (consensus $0.47).
- Price Action: PLAB shares traded lower by 11.15% at $16.01 on the last check Tuesday.
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