Photronics (NASDAQ:PLAB) reports 2Q17 earnings results; Topline down 12%; Misses Estimate

Photronics (NASDAQ:PLAB) reports 2Q17 earnings results; Topline down 12%; Misses Estimate

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Photronics Inc. (NASDAQ:PLAB) reported net income for the second quarter of $ 1.80 million or  $ 0.03 per share, compared to income  $ 11.85 million or $ 0.16 per share for the year-ago quarter.

The Brookfield, Connecticut, based company recorded Net Sales for second quarter decreased 12% to $ 108.30 million from $ 122.92 million in the same quarter last year.

Analysts polled by Thomson Reuters expected PLAB to report income of $ 0.05 per share on revenue of $ 111.16 million  for the second quarter.

Peter Kirlin, CEO, said: Second quarter revenues were essentially flat compared with the first quarter as improving display photomask sales were offset by a decline in our high-end logic business in Taiwan.We were able to generate cash, building upon our already strong balance sheet. Strategically, we achieved three important milestones since our first quarter report: the first of two new writing tools is being installed to add FPD capacity; construction began on our new China IC facility; and this morning we announced a new joint venture in China.

For the third quarter of 2017, Photronics expects revenues in the range of  $110 million and $120 million, Non GAAP income in the range of  $0.05 and $0.12 per share.