Photronics, Inc. (NASDAQ: PLAB), a global leader in photomask technologies and solutions, has reported its financial results for the first quarter of fiscal year 2024. The company's revenue for the first quarter increased by 2% year-over-year, reaching $216.3 million, although it experienced a 5% sequential decrease. Frank Lee, Chief Executive Officer of Photronics, commented on the results, noting, "Order rates improved through the quarter, continuing into the second quarter."
Lee added, "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. High-end FPD also increased over last year's first quarter, but decreased from the fourth quarter due to typically lower seasonal demand for premium smartphone displays that use AMOLED technology."
In the first quarter of fiscal 2024, Photronics reported GAAP net income attributable to Photronics, Inc. shareholders of $26.2 million, or $0.42 per diluted share, compared with $14.0 million, or $0.23 per diluted share in the first quarter of 2023, and $44.6 million, or $0.72 per diluted share in the fourth quarter of 2023.
Non-GAAP net income attributable to Photronics, Inc. shareholders was $29.9 million, or $0.48 per diluted share, compared with $24.4 million, or $0.40 per diluted share in the first quarter of 2023, and $37.2 million, or $0.60 per diluted share in the fourth quarter of 2023.
The company's cash balance at the end of the quarter was $508.5 million, with $13.0 million in short-term investments and $23.4 million in debt. Photronics also provided guidance for the second quarter of fiscal 2024, expecting revenue to be between $226 million and $236 million, and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.50 and $0.58 per diluted share.
Lee expressed optimism for the company's future, stating, "With expectations for growth in the second quarter, we are building momentum for another record year in 2024."
Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. The company, founded in 1969, operates 11 strategically located manufacturing facilities in Asia, Europe, and North America.
Following the announcement, the company's shares have moved -13.4%, and are currently trading at a price of $27.05.
A webcast to discuss these results is scheduled for 8:30 a.m. Eastern Time on Wednesday, February 21, 2024. The call will be broadcast live and on-demand on the events and presentations link on the Photronics website.
The company's full 8-K submission is available here.
