- Photronics, Inc PLAB reported Q2 FY23 revenue grew 12% year over year to $229.3 million. beat the consensus of $211 million.
- IC revenue was $167.1 million, up 15% year over year. FPD revenue was $62.3 million, up 6% year over year.
- Adjusted earnings per share exceeded $0.54 the consensus of $0.44.
- Operating cash flow for the six months was $109.7 million compared to $103.3 million a year ago.
- Cash and cash equivalents at the end of the quarter were $367.5 million.
- Frank Lee, CEO commented, “We delivered record second quarter sales with growth in IC and FPD as demand for our design-driven product remained strong.”
- “Mainstream IC demand remained robust in all regions, particularly in Asia and the US. FPD demand was primarily driven by AMOLED for advanced mobile displays as this technology continues to be adopted into new devices. Profit margins increased due to positive volume leverage, pricing, favorable mix and tight cost control.”
- Outlook: Photronics expects third quarter revenue of $224 million to $234 million (consensus $220 million) and adjusted earnings per share of $0.48-$0.54 (consensus: $0.48).
- Price promotion: PLAB shares were trading up 12.7% at $19.40 at last check on Wednesday.
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