Photronics tumbles on disappointing earnings forecast

Photronics

30/08/2022 16:04

** Shares of chip components maker Photronics Inc  PLAB.O 
down ~22% at $16.81, falling to their lowest level in more than
three months
    ** Co expects Q4 profit between $0.44/shr-$0.52/shr compared
with analysts' estimate of 53 cents/shr
    ** PLAB forecasts Q4 revenue between $205 mln-$215 mln vs
estimate of $214.53 mln
    ** Reports upbeat Q3 earnings of 51 cents/shr and revenue of
$219.95 mln  urn:newsml:reuters.com:*:nGNX7nddqN
    ** Co beats adj. EPS estimates for fifth straight qtr and
revenue expectations for seventh consecutive qtr - Refinitiv
data
    ** Chinese ADRs drop after U.S. regulators selected
e-commerce giant Alibaba  BABA.N  and other U.S.-listed Chinese
companies for audit inspections; PLAB has several facilities in
China  urn:newsml:reuters.com:*:nL4N3063LV
    ** All three brokerages covering the stock rate it "buy" or
higher; their median PT is $27
    ** Stock has fallen ~11% YTD compared with a ~23.7% decline
in the NASDAQ Composite Index  .IXIC 

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))