Core Viewpoint - Photronics, Inc. reported a decline in revenue for fiscal year 2024 but showed sequential growth in the fourth quarter, driven by strong demand in Integrated Circuits (IC) and Flat Panel Displays (FPD) [2][3][4]. Full Year Fiscal 2024 Results - Total revenue for fiscal year 2024 was $866.9 million, a decrease of 3% from the previous year [3]. - GAAP net income attributable to shareholders was $130.7 million, or $2.09 per diluted share, compared to $125.5 million, or $2.03 per diluted share in 2023 [3]. - Non-GAAP net income attributable to shareholders was $127.6 million, or $2.05 per diluted share, compared to $126.0 million, or $2.04 per diluted share in 2023 [3]. - IC revenue was $638.1 million, down 2%, while FPD revenue was $228.8 million, down 5% [3]. - Cash generated from operating activities was $261.4 million, with $130.9 million invested in organic growth through capital expenditures [3]. Fourth Quarter Fiscal 2024 Results - Revenue for the fourth quarter was $222.6 million, down 2% year-over-year but up 6% sequentially [4]. - GAAP net income attributable to shareholders was $33.9 million, or $0.54 per diluted share, compared to $44.6 million, or $0.72 per diluted share in the fourth quarter of 2023 [4]. - Non-GAAP net income attributable to shareholders was $37.1 million, or $0.59 per diluted share, compared to $37.2 million, or $0.60 per diluted share in the fourth quarter of 2023 [4]. - IC revenue was $163.7 million, down 1% year-over-year but up 5% sequentially, while FPD revenue was $58.9 million, down 7% year-over-year but up 7% sequentially [4]. - Cash generated from operating activities was $68.4 million, with $43.2 million invested in organic growth through capital expenditures [4]. First Quarter Fiscal 2025 Guidance - 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 shareholders to be between $0.43 and $0.49 per diluted share [5]. Company Overview - Photronics is a leading manufacturer of photomasks for integrated circuits and flat panel displays, with over 50 years of experience in the industry [7][8]. - As of October 31, 2024, the company employed approximately 1,878 people and operated 11 manufacturing facilities across Asia, Europe, and North America [8].

BROOKFIELD, Conn., Nov. 27, 2024 (GLOBE NEWSWIRE) -- Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in photomask technologies and solutions, is scheduled to announce financial results for the fourth quarter of fiscal 2024 on Wednesday, December 11, 2024, before the market opens. Photronics will host a public conference call the same day at 8:30 a.m. Eastern time. During the call, company management will respond to questions concerning, but not limited to, the company's financial performance, business co ...

BROOKFIELD, Conn., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in photomask technologies and solutions, announced today that Christopher J. Lutzo has joined the company as Vice President, General Counsel and Corporate Secretary and has become a member of the Company’s executive leadership team. Lutzo will lead all aspects of Photronics’ legal function, providing support for its global operations and growth initiatives, as well as overseeing the company’s corporate go ...

Photronics (NASDAQ: PLAB ) is a leading global producer of photomasks, which are high-precision quartz or glass plates housing microscopic images of electronic circuits. These photomasks play a pivotal role both in semiconductor and flat panel display production, serving to imprintStock Research Platform (SRP) is run by an experienced full-time CFO and equity investor with a passion for researching stocks to find asymmetric investment opportunities. SRP is screening the market for companies with a strong ba ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 28, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-39063 PHOTRONICS, INC. (Exact name of registrant as specified in its charter) Connecticut 06-0854886 (State or other ju ...

Revenue and Income - Revenue for the three months ended July 28, 2024, was $210,984,000, a decrease of 5.4% from $224,206,000 for the same period in 2023[1] - Net income attributable to Photronics, Inc. shareholders for the three months ended July 28, 2024, was $34,388,000, down from $36,251,000 in the prior year, representing a decrease of 5.1%[1] - Operating income for the three months ended July 28, 2024, was $52,148,000, a decline of 7.4% compared to $56,052,000 in the same quarter of 2023[1] Profitability Metrics - Gross profit for the three months ended July 28, 2024, was $75,138,000, down 5.3% from $79,251,000 in the prior year[1] - Basic earnings per share for the three months ended July 28, 2024, was $0.56, compared to $0.59 for the same period in 2023, reflecting a decrease of 5.1%[1] Expenses - Research and development expenses for the three months ended July 28, 2024, were $3,555,000, an increase of 1.4% from $3,505,000 in the prior year[1] - Total operating expenses for the three months ended July 28, 2024, were $22,991,000, slightly down from $23,288,000 in the same quarter of 2023[1] - Income tax provision for the three months ended July 28, 2024, was $14,124,000, down from $20,214,000 in the same period of 2023[1] Non-Operating Income - Non-operating income for the three months ended July 28, 2024, was $10,145,000, a decrease of 50.7% from $20,534,000 in the prior year[1] Share Information - Weighted-average number of diluted shares outstanding for the three months ended July 28, 2024, was 62,414, compared to 62,409 in the prior year[1]

Financial Data and Key Metrics Changes - Third quarter revenue was $211 million, down 3% sequentially due to market softness in both IC and FPD segments [11] - Gross margin decreased to 35.6%, slightly down due to lower revenue [13] - Non-GAAP EPS was $0.51, higher than the previous quarter and the same as last year [14] Business Line Data and Key Metrics Changes - IC revenue decreased 3% quarter-over-quarter, with high-end logic mask orders declining while memory business improved [11][12] - FPD revenue was lower sequentially, although high-end resumed growth due to improved demand for mobile AMOLED displays [12] Market Data and Key Metrics Changes - Demand for photomasks is driven by design activity, with trends in AI, mobile computing, and increased IC content in various applications supporting new designs [7][8] - The display market is seeing innovation primarily from new mobile display features and higher screen resolutions [9] Company Strategy and Development Direction - The company is evaluating growth options including strategic expansion and partnerships in the US, Europe, and Asia [6] - Plans to increase the share repurchase program to $100 million, indicating confidence in long-term market prospects [15] Management Comments on Operating Environment and Future Outlook - Management noted that lingering macro uncertainty and customer concerns about elevated inventory have impacted demand [5] - Despite current softness, management remains optimistic about long-term growth driven by megatrends in the photomask market [30] Other Important Information - Operating expenses were slightly lower quarter-over-quarter, with operating margins compressing to 24.7% [13] - The company expects fourth quarter revenue to be in the range of $213 million to $221 million, with non-GAAP EPS estimated between $0.48 to $0.54 [16][17] Q&A Session Summary Question: Impact of tax and non-controlling interest on earnings - The tax impact was due to the jurisdictional mix of earnings, with better performance from wholly owned subsidiaries offsetting weaker joint ventures [19] Question: Increase in SG&A despite revenue dip - SG&A increased primarily due to professional services fees incurred during the quarter [22] Question: Health of the mainstream business - The mainstream business remains stable due to the need for replacing aging equipment, which helps maintain pricing [24] Question: Long-term impact of Apple canceling its micro display project - The company does not foresee significant impact from Apple's decision, as it was not considered a major growth driver [26] Question: Technology advantage in OLED ramping - The company believes it has a strong technology lead in FPD and expects good ASPs for advanced masks used in AMOLED production [27]

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 t ...

Core Viewpoint - Photronics, Inc. is positioned to benefit from the increasing demand for semiconductors driven by AI and IoT applications, with a projected fair price of approximately $54.85 based on DCF analysis [1][22][26] Business Growth and Headcount Growth - Photronics is the world's leading manufacturer of photomasks, with eleven manufacturing fabs across multiple regions including Taiwan, China, Korea, the United States, and Europe [2] - The company reported a diverse customer base of 696 clients in 2023, indicating geographic and client diversification [2] - Headcount increased from 1,500 in 2014 to 1,885 in 2023, suggesting a correlation with net sales growth [2] Financial Performance and Projections - EPS estimates for 2024 and 2025 are projected at $2.10 and $2.20 respectively, with year-over-year growth rates of 2.94% and 4.76% [4] - The company has seen significant growth in net property, plant, and equipment (PP&E), increasing from $550 million in 2014 to $729 million in 2023, indicating reinvestment in capacity [5][11] - Total assets have grown from $1 billion in 2003 to $1.6 billion in 2023, reflecting overall business expansion [5] Cash and Equity Position - Cash reserves increased from $192 million in 2014 to approximately $493.9 million in 2023, suggesting strong liquidity [5][11] - The tangible book value per share is reported at $16.75, indicating the company is undervalued at current market prices [5][12] Valuation Metrics - The company trades at approximately 4.4x forward EBITDA, significantly lower than the sector median of around 15x [15][16] - Comparatively, competitors trade at forward EBITDA multiples ranging from 9x to 23x, highlighting Photronics' undervaluation [14][15] Future Growth Expectations - Anticipated capital expenditures for FY24 are approximately $140 million, aimed at enhancing IC capacity and efficiency [19][26] - The AMOLED market is projected to grow from $16.59 billion to $78.83 billion by 2030, with a CAGR of 21.51%, which could further drive demand for Photronics' products [18] Analyst Sentiment - The average target price from analysts is around $32 per share, indicating a potential upside of 21.49% from current levels [24] - The overall analyst rating for the company is a strong buy, reflecting positive sentiment towards its future performance [24]

The stock market makes companies rapidly gain value every day. However, when it comes to companies which increase as much as 10X over half a decade, there are a few common factors such as an innovative product, positive quarterly and annual growth, and earnings which regularly beat estimates. A thorough analysis of these factors allows analysts to capture future trends – at a time which is advantageous for day-to-day investors. Riskified Ltd. (NYSE:RSKD) partakes in the development and offering of an e-comm ...