Photronics Q3 Earnings Fall; Stock Down In Pre-market

(RTTNews) - Photronics, Inc. (PLAB), a photomask technologies and solutions provider, on Wednesday reported lower earnings for the third quarter. The results reflected a non-operating loss incurred in the latest quarter. However, revenue rose by 2 percent year-over-year.

Quarterly earnings decreased to $26.96 million or $0.44 per share from $31.23 million or $0.51 per share for the same period last year. This reflects a non operating loss of $0.91 million it reported in the latest quarter compared to a gain of $3.641 million of last year. Excluding items, earnings were $31.6 million or $0.51 per share compared to $28.9 million or $0.47 per share of the prior year.

However, revenues increased to $224.2 million from $219.95 million of the previous year.

Looking forward to the next quarter, the company expects adjusted net income to be between $0.51 and $0.59 per diluted share and revenue to be between $222 million and $232 million.

In pre-market activity, shares of Photronics are trading at $22.03 down 6.26% on Nasdaq.