RTTNews | Dec 8, 2021 10:33AM EST

10:33 Wednesday, December 8, 2021 (RTTNews.com) - Photronics, Inc. (PLAB) shares are rising more than 17 percent on Wednesday morning trade after the company reported an increase in fourth-quarter earnings that beat estimates. Further, the company provided guidance for the first quarter.

The fourth-quarter earnings grew to $19.8 million or $0.33 per share, from $6.5 million or $0.10 per share last year. Analysts were looking for profit of $0.25 per share. Revenue increased 21 percent to $181.3 million from $149.29 million. Looking ahead to the first quarter, 2022, the manufacturer of integrated circuit and flat panel display photomasks said it expects net income to be $0.27 - $0.34 per share on revenue to be between $178 to $186 million.

Currently, shares are at $16.72, up 17.58 percent from the previous close of $14.22 on a volume of 1,169,212. For the 52-week period, the shares have traded in a range of $10.10-$16.84 on average volume of 327,877.

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