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Photronics Reports Full Year and Fourth Quarter Fiscal 2024 Results
PLABPhotronics(PLAB) GlobeNewswire News Room·2024-12-11 11:30

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 866.9million,adecreaseof3866.9 million, a decrease of 3% from the previous year [3]. - GAAP net income attributable to shareholders was 130.7 million, or 2.09perdilutedshare,comparedto2.09 per diluted share, compared to 125.5 million, or 2.03perdilutedsharein2023[3].−Non−GAAPnetincomeattributabletoshareholderswas2.03 per diluted share in 2023 [3]. - Non-GAAP net income attributable to shareholders was 127.6 million, or 2.05perdilutedshare,comparedto2.05 per diluted share, compared to 126.0 million, or 2.04perdilutedsharein2023[3].−ICrevenuewas2.04 per diluted share in 2023 [3]. - IC revenue was 638.1 million, down 2%, while FPD revenue was 228.8million,down5228.8 million, down 5% [3]. - Cash generated from operating activities was 261.4 million, with 130.9millioninvestedinorganicgrowththroughcapitalexpenditures[3].FourthQuarterFiscal2024Results−Revenueforthefourthquarterwas130.9 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 33.9million,or33.9 million, or 0.54 per diluted share, compared to 44.6million,or44.6 million, or 0.72 per diluted share in the fourth quarter of 2023 [4]. - Non-GAAP net income attributable to shareholders was 37.1million,or37.1 million, or 0.59 per diluted share, compared to 37.2million,or37.2 million, or 0.60 per diluted share in the fourth quarter of 2023 [4]. - IC revenue was 163.7million,down1163.7 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 68.4million,with68.4 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 208millionand208 million and 216 million, and non-GAAP net income attributable to shareholders to be between 0.43and0.43 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].