Photronics Reports Full Year and Fourth Quarter Fiscal 2024 Results

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].