Photronics Reports 3% Revenue Drop in Fiscal 2024

By Tamara Parker • Wednesday, December 11 10:19 • Permanent Link

Photronics, Inc. (NASDAQ:PLAB) has reported its financial results for the full year and fourth quarter of fiscal year 2024. For the full year fiscal 2024:

Revenue was $866.9 million, down 3% from the previous year.
GAAP net income attributable to Photronics, Inc. shareholders was $130.7 million, or $2.09 per diluted share, compared with $125.5 million, or $2.03 per diluted share in 2023.
Non-GAAP net income attributable to Photronics, Inc. shareholders was $127.6 million, or $2.05 per diluted share, compared with $126.0 million, or $2.04 per diluted share in 2023.
IC revenue was $638.1 million, down 2%.
FPD revenue was $228.8 million, down 5%.
Cash generated from operating activities was $261.4 million, and cash invested in organic growth through capital expenditures was $130.9 million.

Moving on to the fourth quarter fiscal 2024:

Revenue was $222.6 million, down 2% year-over-year and up 6% sequentially.
GAAP net income attributable to Photronics, Inc. shareholders was $33.9 million, or $0.54 per diluted share, compared with $44.6 million, or $0.72 per diluted share in the fourth quarter of 2023 and $34.4 million, or $0.55 per diluted share in the third quarter of 2024.
Non-GAAP net income attributable to Photronics, Inc. shareholders was $37.1 million, or $0.59 per diluted share, compared with $37.2 million, or $0.60 per diluted share in the fourth quarter of 2023 and $31.9 million, or $0.51 per diluted share in the third quarter of 2024.
IC revenue was $163.7 million, down 1% year-over-year and up 5% sequentially.
FPD revenue was $58.9 million, down 7% from the same quarter last year and up 7% sequentially.
Cash generated from operating activities was $68.4 million, and cash invested in organic growth through capital expenditures was $43.2 million.

As of the end of the quarter, cash and short-term investments were $640.7 million, and debt stood at $18.0 million.

Looking ahead, for the first quarter of fiscal 2025, Photronics expects revenue to be between $208 million and $216 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.43 and $0.49 per diluted share. Following these announcements, the company's shares moved 13.7%, and are now trading at a price of $28.78. For more information, read the company's full 8-K submission here.

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