Photronics Profit Tops Estimates; Stock Up - Update

(RTTNews) - Photomask maker Photronics Inc. (PLAB), Tuesday reported a higher fourth-quarter profit, due mainly to a marginal increase in sales. Quarterly earnings topped Wall Street estimates by a penny, while sales were in line with expectations.

Photomasks are high precision photographic quartz plates and are sold to semiconductor designers and high performance electronics makers.

Brookfield, Connecticut-based Photronics posted quarterly net income of $4.8 million or $0.08 per share, compared with $3.8 million or $0.06 per share last year.

Excluding items, adjusted earnings for the quarter were $5.6 million or $0.09 per share. On average, four analysts polled by Thomson Reuters expected earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter climbed to $106 million from $104 million a year ago. Analysts expected sales of $106.05 million.

Growth was somewhat impacted by a drop in high-end IC photomask sales, due to customer delays and in fully completing the qualification process with a key Asian foundry customer.

Post the fourth quarter, the company entered into an agreement with Dai Nippon Printing Co. Ltd. to form a joint venture in Taiwan.

Photronics stock closed Tuesday at $7.81, down $0.03 or 0.38%, on a volume of 192 thousand shares on the Nasdaq. In after hours, the stock gained $0.39 or 4.70%, trading at $7.81.