Photronics (PLAB) Q3 FY2024 – Revenue Down 6%

By Bobby Samwell • Saturday, August 31 07:58 • Permanent Link

Photronics, Inc. (NASDAQ:PLAB) recently announced its financial results for the third quarter of fiscal year 2024, which ended on July 28, 2024. The company reported a revenue of $211.0 million, representing a 6% decrease year-over-year and a 3% decrease sequentially.

GAAP net income attributable to Photronics, Inc. shareholders was $34.4 million, or $0.55 per diluted share, compared to $27.0 million, or $0.44 per diluted share in the third quarter of 2023. Non-GAAP net income attributable to Photronics, Inc. shareholders was $32.0 million, or $0.51 per diluted share, compared with $31.6 million, or $0.51 per diluted share in the third quarter of 2023.

The company's IC revenue was $155.9 million, down 4% year-over-year and 3% sequentially. FPD revenue was $55.1 million, down 10% from the same quarter last year and 2% sequentially.

Photronics generated cash of $75.1 million from operating activities and invested $24.4 million in organic growth through capital expenditures. At the end of the quarter, the company had cash and short-term investments totaling $606.4 million, with debt standing at $20.1 million.

Further, the board of directors authorized an increase of the company’s existing share repurchase program from the $31.7 million remaining up to a total of $100 million of its common stock. Photronics also provided guidance for the fourth quarter of fiscal 2024, expecting revenue to be between $213 million and $221 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.48 and $0.54 per diluted share.

The company will be hosting a webcast to discuss these results on Thursday, August 29, 2024, at 8:30 a.m. Eastern Time. Photronics, founded in 1969, is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks, with approximately 1,885 employees and 11 strategically located manufacturing facilities in Asia, Europe, and North America. The market has reacted to these announcements by moving the company's shares 3.8% to a price of $25.86. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.