By Sam Boughedda
Investing.com — Photomask technologies and solutions business Photronics Inc (NASDAQ:PLAB) reported profit above analyst expectations on Wednesday, sending its share price 19% above Tuesday's close.
The company announced earnings per share of 33 cents on revenue of $181.3 million, above expectations of analysts polled by Investing.com, who expected an EPS of 25 cents on revenue of $175 million.
With revenue achieving a third consecutive quarterly record, Photronics said previous investments in targeted technologies are paying off. In addition, margin expansion is accompanying top-line growth.
Meanwhile, its revenue of $663.8 million was a record for the fourth consecutive year, up 9% compared to 2020.
"Photronics achieved a fourth consecutive year of record revenue, as demand for our design-driven products accelerated and we fully ramped new flat panel display capacity," said Peter Kirlin, Photronics CEO.
"We made strategic investments in 2021 that have positioned us to achieve organic growth as market trends such as the increase in demand from Asia foundries and the adoption of advanced display technologies in mobile applications have driven the market higher."
For the first quarter of 2022, the Connecticut-based company expects revenue between $178 million and $186 million and an EPS between 27 cents and 34 cents, both above analyst expectations.