Photronics Reports First Quarter Fiscal 2025 Results

Core Viewpoint - Photronics, Inc. reported its financial results for the first quarter of fiscal year 2025, indicating a slight decline in revenue but an increase in net income compared to the previous year [1][8]. Financial Performance - Revenue for the first quarter was $212.1 million, down 2% year-over-year and 5% sequentially [8]. - GAAP net income attributable to Photronics, Inc. shareholders was $42.9 million, or $0.68 per diluted share, compared to $26.2 million, or $0.42 per diluted share, in the first quarter of 2024 [8]. - Non-GAAP net income attributable to Photronics, Inc. shareholders was $32.4 million, or $0.52 per diluted share, compared to $29.9 million, or $0.48 per diluted share in the first quarter of 2024 [8]. - Integrated Circuits (IC) revenue was $154.0 million, down 2% year-over-year and 6% sequentially, while Flat Panel Display (FPD) revenue was $58.1 million, down 1% from the same quarter last year and 1% sequentially [8]. Market Insights - The company observed favorable demand for high-end products in the IC and FPD markets, particularly for photomasks supporting node migration and memory [2]. - The most mature mainstream masks were affected by general market softness, leading to a cautious outlook for 2025 [2]. Guidance - For the second quarter of fiscal 2025, Photronics expects revenue to be between $208 million and $216 million, with non-GAAP net income attributable to shareholders projected to be between $0.44 and $0.50 per diluted share [4]. Cash Flow and Investments - Cash generated from operating activities was $78.5 million, with $35.2 million invested in organic growth through capital expenditures [8]. - Cash returned to shareholders through share repurchases amounted to $4.6 million, and cash at the end of the quarter was $642.2 million [8]. Company Overview - Photronics is a leading manufacturer of photomasks for integrated circuits and flat panel displays, operating 11 manufacturing facilities globally [6].