(Photronics) Shares of Photronics, Inc. rose more than 10% on Tuesday premarket after it reported a net income of $29.8 million or $0.49 per share in the second quarter of 2022. The net income was an increase of 29% from the prior quarter and almost three times the income of $10.5 million in the prior year.
Photronics said that its revenue rose 8% sequentially and 28% from the prior year to hit $204.5 million in the second quarter.
The company said that its integrated circuit revenue was $145.8 million in the second quarter, up 30% year-over-year and 12% sequentially. Flat panel display had revenue of $58.7 million, up 23% year-over-year but down 2% from last quarter.
Photronics expects a higher revenue of between $205 million and $215 million in the third quarter. The net income is expected at between $0.45 per share and $0.55 per share.
PLAB: NASDAQ is up +10.11% in premarket.
