PLAB - Photronics shares plunge after end market softness drives FQ4 profit miss weak profit forecast

Photronics (PLAB) shares are down 16.4% after the fiscal Q4 results missed EPS estimates and came in roughly in-line on revenue. Sales were down 5% sequentially and down 4% on the year to $149.3M, which was $4.6M below consensus.Liquidity: Cash from operations totaled $64.8M and PLAB had a $278.7M cash balance at the end of the quarter.For Q1, Photronics guides for revenue of $145-155M (consensus: $152.5M) and EPS of $0.07-0.14 (consensus: $0.16)."Fourth quarter revenue declined 5% sequentially as typical seasonality was worsened by geopolitical factors and softness in some sectors. With the decrease in quarterly revenue, profit margins contracted due to the effect of operating leverage on our income. We increased our cash balance while investing in organic growth and returning cash to our shareholders through share repurchases, ending 2020 in a strong financial position. Our expectations are for another growth year in 2021, with high single-digit percent growth in revenue and an

For further details see:

Photronics shares plunge after end market softness drives FQ4 profit miss, weak profit forecast