Photronics Q3 Profit Climbs, Tops View; Issues Q4 Forecast

(RTTNews) - Photronics, Inc. (PLAB), a provider of photomask technologies and solutions, reported Wednesday that its third-quarter net income attributable was $17.1 million or $0.28 per share, higher than last year's $10.8 million or $0.17 per share.

Third -quarter revenue was $170.6 million, up 8% compared with the same quarter last year. Revenues grew 7% sequentially.

On average, three analysts polled by Thomson Reuters expected earnings of $0.22 per share on revenues of $168.33 million. Analysts' estimates typically exclude special items.

Looking ahead for the fourth quarter, Photronics expects attributable net income to be between $0.21 and $0.29 per share and revenue to be between $171 million and $179 million. Analysts expect earnings of $0.25 on revenues of $174.1 million.

Peter Kirlin, chief executive officer, said, "As the leading merchant photomask manufacturer, we expect our business to continue to grow throughout the balance of this year, and remain on track to deliver on our long-term target model objectives."

In pre-market activity on Nasdaq, Photronics shares were gaining around 3 percent to trade at $14.