By Will Feuer
Photronics Inc. issued a range of guidance for current-quarter revenue that, at its midpoint, would mark a decline from the recently ended quarter.
The photomask technologies and solutions company said it expects revenue for the fiscal first quarter to be between $203 million and $213 million, compared with revenue in the fiscal fourth quarter of $210.3 million. In the first quarter of fiscal 2022, revenue was $189.8 million.
Earnings for the first quarter of fiscal 2023 are expected to be between 40 cents a share and 48 cents a share, compared with 60 cents a share in the recently ended quarter. In the first quarter of fiscal 2022, earnings were 38 cents a share.
In the recently ended quarter, the company saw some softness in its integrated-circuit business, Chief Executive Frank Lee said, mostly driven by lower high-end logic demand from foundries in Asia. The flat-panel display business also posted some softness as panel makers for premium smartphones shifted focus to production and slowed design activity.
Photronics raised prices and cut costs to preserve profit margins in the quarter even as volumes fell from the prior quarter, Mr. Lee said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
December 13, 2022 06:28 ET (11:28 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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