FREE: Potential Breakout Over $20 After Earnings?
FREE: Potential Breakout Over $20 After Earnings?
Company Reported 'Record Revenue' 4 Quarters in a Row
Good Morning Traders,
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We want to discuss a stock that came on our radar this morning as the company reported a earnings beat this morning.
This company reported RECORD REVENUE 4 times in a ROW!
“Strong end-market demand trends have continued into 2022, helping us achieve our fourth consecutive quarter of record revenue,” said Peter Kirlin, chief executive officer.
The company is Photronics Inc [NASDAQ:PLAB].
$PLAB is in the Semiconductor Equipment industry as the company manufactures photomask products that are used in the fabrication of semiconductors.
The company reported EPS of $0.38 which beat the estimates of $0.31.
$PLAB also BEAT revenue estimates as well by around $6 million. They reported around a 25% y/y increase in revenue reporting in at $189.83M
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THE CHART $PLAB
This is the weekly chart and currently it is gapping up over $19 and is on watch for a potential breakout over $20.
The chart catches my eye for the following reason:
Holding prior resistance as new support
Consolidating in a uptrend despite market volatility.
Over $20 could be seen as a ‘next leg up’
Guidance
The company actually reported guidance for the 2nd quarter higher than estimates.
$PLAB expects revenue to be between $188 million and $196 million vs estimates of $185.63M, and net income attributable to $PLAB shareholders to be between $0.32 and $0.38 per diluted share vs estimates of $0.32.
THE COMPANIES EARNINGS CONFERENCE CALL IS AT 8:30 AM EST.
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