Photronics Q2 FY2024 Revenue Drops 5%

Photronics, Inc. (NASDAQ:PLAB) has released its financial results for the second quarter of fiscal year 2024, ended April 28, 2024. The second quarter revenue was $217.0 million, marking a 5% decrease year-over-year but a 0.3% increase sequentially.

GAAP net income attributable to Photronics, Inc. shareholders was $36.3 million, or $0.58 per diluted share, down from $39.9 million, or $0.65 per diluted share in the second quarter of 2023 and up from $26.2 million, or $0.42 per diluted share in the first quarter of 2024.

Non-GAAP net income attributable to Photronics, Inc. shareholders was $28.7 million, or $0.46 per diluted share, a decrease from $32.9 million, or $0.54 per diluted share in the second quarter of 2023, and a slight decrease from $29.9 million, or $0.48 per diluted share in the first quarter of 2024.

IC revenue was $160.9 million, down 4% year-over-year but up 2% sequentially, while FPD revenue was $56.1 million, down 10% from the same quarter last year and 5% sequentially.

Cash generated from operating activities was $76.5 million, and cash invested in organic growth through capital expenditures was $20.0 million. The cash balance at the end of the quarter was $539.2 million, with $20.7 million in short-term investments and $21.8 million in debt.

Looking ahead, for the third quarter of fiscal 2024, Photronics expects revenue to be between $221 million and $229 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.53 and $0.59 per diluted share.

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. As of October 31, 2023, the company had approximately 1,885 employees and operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. The market has reacted to these announcements by moving the company's shares -6.1% to a price of $26.55. If you want to know more, read the company's complete 8-K report here.

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