Business
Photronics Reports Third Quarter Fiscal 2024 Results and Share Repurchase Authorization
BROOKFIELD, Conn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today
About this update from Photronics, Inc.
[{"type":"text","content":"BROOKFIELD, Conn., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its third quarter of fiscal year 2024 ended July 28, 2024. “Market softness in some segments during the quarter impacted photomask demand, reducing both IC and FPD revenue,” said Frank Lee, chief executive officer. “The photomask demand recovery that started to take shape early in the third quarter slowed during the period due to select regional and end-use customer order patterns. This was combined with broader customer focus on rising semiconductor channel inventory that limited chip design activity through the quarter. In response, we tuned our mix and sales strategy, allowing us to optimize margins despite lower demand. Megatrends such as AI, supply chain regionalization, and edge computing are driving secular photomask value and demand, supporting our optimistic view of the long-term global photomask industry outlook. Our leadership position gives us confidence we can drive future margins while at the same time execute smart investment and deployment strategies that can deliver top line growth and shareholder value.” Third Quarter Fiscal 2024 Results Revenue was $211.0 million, down 6% year-over-year and 3% sequentially.GAAP Net income attributable to Photronics, Inc. shareholders was $34.4 million, or $0.55 per diluted share, compared with $27.0 million, or $0.44 per diluted share in the third quarter of 2023 and $36.3 million, or $0.58 per diluted share in the second quarter of 2024.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 and $28.7 million, or $0.46 per diluted share in the second quarter of 2024.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.Cash generated from operating activities was $75.1 million, and cash invested in organic growth through capital expenditures was $24.4 million.Cash and Short-term investments at the end of the quarter were $606.4 million, and Debt was $20.1 million. Share Repurchase In addition, the Board of Directors has authorized an increase of th...