Semiconductor photomask manufacturer Photronics (NASDAQ: PLAB) will be announcing earnings results tomorrow morning. Here’s what you need to know.

Photronics beat analysts’ revenue expectations by 1% last quarter, reporting revenues of $212.1 million, down 1.9% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ EPS estimates but revenue guidance for next quarter missing analysts’ expectations significantly.

Is Photronics a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Photronics’s revenue to decline 2.3% year on year to $212 million, improving from the 5.4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.48 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Photronics has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Photronics’s peers in the semiconductor manufacturing segment, some have already reported their Q1 results, giving us a hint as to what we can expect. FormFactor delivered year-on-year revenue growth of 1.6%, beating analysts’ expectations by 0.9%, and Amkor reported a revenue decline of 3.2%, topping estimates by 3%. FormFactor traded up 3.1% following the results while Amkor was down 2.7%.

Read our full analysis of FormFactor’s results here and Amkor’s results here.

There has been positive sentiment among investors in the semiconductor manufacturing segment, with share prices up 10% on average over the last month. Photronics is up 4.7% during the same time and is heading into earnings with an average analyst price target of $35 (compared to the current share price of $19.46).

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