RTTNews | Dec 8, 2021 06:23AM EST

06:23 Wednesday, December 8, 2021 (RTTNews.com) - Photronics, Inc. (PLAB) reported an increase in profit for the fourth quarter that also topped Wall Street estimates. Revenue was up 21% year-over-year. Looking forward, the company said it is generating gross and operating margins already at the high-end of the three-year target model presented last year. Photronics is optimistic it can deliver on long-term target model objectives.

Fourth-quarter profit per share was $0.33 compared to $0.10, prior year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.25, for the quarter. Analysts' estimates typically exclude special items. Net profit was $19.8 million compared to $6.5 million. Revenue increased to $181.3 million from $149.3 million, a year ago. Analysts on average had estimated $175.03 million in revenue.

For the first quarter of 2022, Photronics expects revenue to be between $178 million and $186 million, and net income per share to be between $0.27 and $0.34. Analysts expect the company to report profit per share of $0.22 on revenue of $170.67 million.

Shares of Photronics were up 5% in pre-market trade on Wednesday.

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