LONDON, UK / ACCESSWIRE / June 22, 2018 / If you want access to our free earnings report on Photronics, Inc. (NASDAQ: PLAB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PLAB. The Company reported its financial results on May 22, 2018, for the second quarter of the fiscal year 2018. The Brookfield, Connecticut-based Company surpassed analysts' estimates for revenue and earnings for Q2 FY18. In addition, the Company provided its guidance for the third quarter of the fiscal year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the second quarter ended April 29, 2018, Photronics' revenues advanced 20.8% to $130.8 million compared to $108.3 million in the second quarter of the fiscal year 2017, primarily as a result of high-end Integrated Circuit product revenue growth. The Company's revenue numbers exceeded analysts' estimates of $124.17 million.
For the reported quarter, Photronics incurred cost of goods sold of $98.0 million versus $88.1 million in the year-ago comparable period, increasing 11.1% on a y-o-y basis. The Company's gross profit grew 62.8% to $32.8 million in Q2 FY18 compared to $20.2 million in Q2 FY17. The Company's gross margin advanced to 25.1% in Q2 FY18 compared to 18.6% in Q2 FY17.
During Q2 FY18, Photronics' operating expenses increased 19.4% to $17.5 million compared to $14.6 million in Q2 FY17. The Company posted an operating income of $15.4 million in the reported quarter compared to $5.5 million in the year-ago same period, increasing 177.5% on a y-o-y basis.
Photronics' net income zoomed 493.5% to $10.7 million in Q2 FY18 versus $1.8 million in Q2 FY17. The Company's earnings per share (EPS) surged 400.0% to $0.15 in the reported quarter compared to $0.03 in the corresponding quarter of last year. The Company's reported EPS beats analysts' projections of $0.07.
Photronics' revenues are categorized under two product types; namely: (i) Integrated Circuit (IC) and (ii) Flat Panel Display (FPD).
Photronics generated revenues of $102.3 million from its IC product line in Q2 FY18, increasing 23.7% on a y-o-y basis.
For the reported quarter, Photronics' FPD revenues climbed to $28.5 million, up by 11.2% on a y-o-y basis.
As of April 29, 2018, Photronics' cash and cash equivalents stood at $321.2 million compared to $345.7 million as of April 30, 2017. The Company had long-term borrowings of $17.7 million as of April 29, 2018, compared to $16.4 million as of October 29, 2017. At the end of the second quarter of the fiscal year 2018, the Company had inventories of $31.9 million compared to $23.7 million in the second quarter of the fiscal year 2017.
For the reported quarter, Photronics generated cash from operating activities of $37.9 million compared to $46.9 million in the prior year's same period.
For Q3 FY18, Photronics expects revenues to be in the range of $128.0 million and $136.0 million, and EPS to be in the band of $0.12 and $0.18.
Stock Performance Snapshot
June 21, 2018 - At Thursday's closing bell, Photronics' stock ended the trading session flat at $8.45.
Volume traded for the day: 411.89 thousand shares.
After yesterday's close, Photronics' market cap was at $614.74 million.
Price to Earnings (P/E) ratio was at 23.15.
The stock is part of the Technology sector, categorized under the Semiconductor Equipment & Materials industry.
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