Photronics, Inc (NASDAQ:PLAB) stock is trading lower Wednesday after the company reported its fourth-quarter results.

The company clocked revenue growth of 2% year-on-year (Y/Y) to $216.3 million, missing the consensus of $220.0 million. The American semiconductor photomask manufacturer's adjusted EPS of $0.48 missed the consensus of $0.49.

IC revenue was $157.6 million, up 1% Y/Y and down by 1% sequentially. FPD revenue was $58.7 million, up 8% from the same quarter last year and down by 7% sequentially.

Gross profit improved to $79.3 million from $76.1 million a year ago. The margin improved from 36% to 36.5% Y/Y.

The company exited the quarter with $508.5 million in cash balance, $13.0 million in short-term investments, and $23.4 million in debt.

Photronics generated first quarter operating cash flow of $41.5 million.

"Order rates improved through the quarter, continuing into second quarter," said Frank Lee, CEO. "High-end IC revenue increased both sequentially and year-over-year, primarily in 22nm and 28nm nodes, as customers continue migration to these nodes for improved performance and optimal cost."

Outlook: Photronics expects second-quarter revenue of $226 million – $236 million (consensus: $230 million) and adjusted EPS of $0.50 – $0.58 (consensus: $0.56).

The stock has gained over 90% last year.

Price Action: PLAB shares traded lower by 16.80% at $25.96 on the last check Wednesday.

Photo via Shutterstock