November 13, 2013 / 2:36 PM / 4 years ago

UPDATE 1-Photronics estimates earnings below expectations, shares drop

* Sees fourth-quarter rev $105-$106 mln vs est $112.6 mln

* Sees earnings of $0.06-$0.07/shr vs est $0.12

* Previous rev forecast $110-$114 mln

* Previous earnings forecast $0.10-$0.13/shr

* Shares down 9 pct (Adds details, CEO Comments, share price)

Nov 13 (Reuters) - Chip gear maker Photronics Inc estimated fourth quarter results that fell short of analysts’ expectations, mainly due to delayed orders from an Asian foundry customer, sending its shares down 9 percent in early trading.

The company, which makes quartz photomasks used in semiconductors and flat panel displays, said on Wednesday there had been a delay in completing the qualification process with the unidentified customer.

Photronics said it would report earnings of 6-7 cents per share for the quarter ended Nov. 3. The company previously said it expected to earn 10-13 cents per share.

It estimated revenue of $105-$106 million. It had previously forecast revenue of $110-$114 million.

Analysts on average expect earnings of 12 cents per share on revenue of $112.6 million, according to Thomson Reuters I/B/E/S.

Chief Executive Constantine Macricostas said the company’s high-end memory business was “soft” in the quarter, but orders were expected to increase in fiscal 2014.

Photronics gets most of its revenue from Korea and Taiwan, with about 22 percent of its revenue last year coming from Samsung Electronics Co Ltd.

LG Electronics Inc and Micron Technology Inc are also customers.

The Brookfield, Connecticut-based company will release fourth-quarter results on Dec. 11.

The company’s stock fell 9 percent to $7.60 in early trading on the Nasdaq. (Reporting by Supantha Mukherjee & Lehar Maan in Bangalore; Editing by Savio D‘Souza)

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