By Kelly Cloonan
Shares of Photronics declined after the company logged lower earnings and revenue in its latest quarter and said its chief executive officer has stepped down from the role as he plans to retire.
The stock fell 11% to $17.76. Shares have declined 35% over the past 12 months.
The photomask-technologies company on Wednesday posted a fiscal second-quarter profit of $8.9 million, or 15 cents a share, compared with $36.3 million, or 58 cents a share, a year earlier.
Adjusted earnings per share were 40 cents.
Revenue fell 2.8% to $211 million.
For the fiscal third quarter, the company guided for sales of $200 million to $208 million, down from $211 million in the year-earlier period. The company expects adjusted earnings per share of 35 cents to 41 cents, down from 51 cents a year earlier.
The company also said Wednesday that CEO Frank Lee has stepped down from the top role, effective immediately, ahead of his plans to retire in the next year or two. Board Chairman George Macricostas is succeeding Lee as CEO, also effective immediately, the company said.
Lee will continue to focus on Photronics's operations in Asia and will remain chair and president of the company's subsidiary in Taiwan, while also remaining on the board, the company said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 28, 2025 12:12 ET (16:12 GMT)
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