Photronics, Inc. (NASDAQ:PLAB) Reports Fourth Quarter Fiscal 2024 Results

Photronics, Inc., a leading supplier of photomasks and imaging solutions, announced its financial results for the fourth quarter of fiscal year 2024. The company issued a press release on December 11, 2024, detailing its quarterly performance.

In the press release, Photronics stated that it conducted a conference call on the same day to discuss its financial results and other related matters. During the call, the company also presented a slide presentation providing additional insights into its performance.

Key highlights from the fourth quarter fiscal 2024 results include a revenue of $222.6 million, operating margin of 25.1%, earnings per share of $0.54, and non-GAAP earnings per share of $0.59. The company reported operating cash flow of $68.4 million. Despite some year-over-year challenges, with a 2% decrease in cash and short-term investments, Photronics managed to maintain a resilient financial position.

The increase in operating margin was attributed to improved gross margins, partially offset by higher operating expenses. Moreover, after adjusting for foreign exchange impacts, the non-GAAP earnings per share showed a 16% increase from the previous quarter.

Photronics highlighted its commitment to strengthening its balance sheet through increased cash and short-term investments balances, as well as reducing debt. These actions were supported by solid cash flow generation, providing flexibility for the company’s capital allocation strategy.

Looking ahead, Photronics provided guidance for the first quarter of 2025, forecasting revenue in the range of $208 million to $216 million, with an operating margin of 23% to 25%. The company also outlined expectations for taxes, diluted non-GAAP earnings per share, diluted shares, and full-year capital expenditures. This guidance reflects industry trends and the company’s strategic focus on growth and value creation for shareholders.

Photronics emphasized its priorities for capital deployment, which include funding organic growth, increasing IC manufacturing capacity, maintaining technical leadership, improving return on invested capital, returning cash to shareholders, and exploring potential business development initiatives.

The company stressed its strategic investment strategy, highlighting its track record of profitably growing revenue, capturing market share, and enhancing return on invested capital. Photronics aims to leverage its global footprint, technology leadership, and operational excellence to drive long-term success in the competitive photomask industry.

In conclusion, Photronics remains focused on key growth drivers such as expanding IC and FPD markets, entering long-term purchase agreements, and aligning asset tool sets to meet market demands. The company’s commitment to operational excellence and financial discipline positions it for sustained profitability and value creation for stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Photronics’s 8K filing here.

Photronics Company Profile

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates.