RTTNews | Dec 9, 2020 09:53AM EST

09:53 Wednesday, December 9, 2020 (RTTNews.com) - Shares of Photronics Inc. (PLAB) are slipping nearly 20% on Wednesday morning after the photomask maker's fourth-quarter results missed the Street estimates. Earnings outlook for the first quarter is also below analysts' expectations.

PLAB is currently trading at $10.58, up $2.63 or 19.91%, on the Nasdaq.

Profit for the fourth quarter dropped to $6.5 million or $0.10 per share from $9.7 million or $0.15 per share last year. Fourth-quarter revenues dropped 4% to $149.3 million from $156.3 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $153.87 million.

Looking forward to the first quarter, Photronics expects revenue to be between $145 million and $155 million earnings of $0.07 and $0.14 per share. Analysts currently estimate earnings of $0.16 per share on revenues of $152.57 million.

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