Photronics stock falls on 4Q orientation
By Will Feuer
Shares of Photronics Inc. fell more than 20% after the photo mask technology and solutions company released a current-quarter earnings forecast that fell short of expectations.
The company said it expects to post fiscal fourth-quarter earnings of 44 cents per share to 52 cents per share, below the 53 cents per share expected by Wall Street, according to FactSet.
Photronics also said it expects revenue to be between $205 million and $215 million. Analysts polled by FactSet had expected fourth-quarter revenue of $214.5 million.
For the quarter just ended, Photronics posted earnings and revenue that beat expectations, with chief executive Frank Lee citing “strong end-market demand” and “favorable pricing momentum.”
“We are increasing capacity and volumes while controlling costs and capitalizing on operating leverage to generate higher margins. We are also taking pricing action where appropriate to capture the full value we deliver to our customers. “, did he declare.
Shares of Photronics fell more than 23% to $16.71 per share in morning trading. So far this year, the stock is down about 11%.
Write to Will Feuer at Will.Feuer@wsj.com