Photronics Inc Stock Price, News & Analysis

Photronics (Nasdaq:PLAB) has appointed Christopher J. Lutzo as Vice President, General Counsel and Corporate Secretary. Lutzo, who joins the company's executive leadership team, will oversee all legal functions, global operations support, corporate governance, compliance, and risk management programs. He brings over 15 years of experience in commercial, transactional, corporate, securities, and compliance practices. Prior to joining Photronics, Lutzo worked at Crane Company and holds a Juris Doctor from Quinnipiac University.

Photronics, Inc. (NASDAQ:PLAB) reported its Q3 fiscal 2024 results. Revenue decreased 6% year-over-year to $211.0 million. GAAP Net income was $34.4 million, or $0.55 per diluted share. Non-GAAP Net income was $32.0 million, or $0.51 per diluted share. IC revenue fell 4% to $155.9 million, while FPD revenue dropped 10% to $55.1 million. The company generated $75.1 million in operating cash flow and invested $24.4 million in capital expenditures. Photronics ended the quarter with $606.4 million in cash and short-term investments. The Board authorized an increase in the share repurchase program to $100 million. For Q4 fiscal 2024, the company expects revenue between $213 million and $221 million and non-GAAP EPS between $0.48 and $0.54.

Photronics (Nasdaq: PLAB), a global leader in photomask technologies, has announced it will release its third quarter fiscal 2024 financial results on Thursday, August 29, 2024, before the market opens. The company will host a public conference call at 8:30 a.m. Eastern time on the same day to discuss the results and respond to questions about financial performance, business conditions, and industry outlook.

Management may disclose previously unreleased information during the Q&A session. The call will be broadcast live and on-demand via the company's website. Analysts and investors can participate in the Q&A portion by registering through a provided link, preferably 15 minutes before the call's start time.

Photronics (NASDAQ: PLAB) has appointed Eric Rivera as its new chief financial officer (CFO), effective immediately. Rivera, who has been with the company since 2020 as chief accounting officer and interim CFO since February 2024, brings extensive financial expertise to his new role. CEO Frank Lee expressed confidence in Rivera's ability to contribute to the company's profitability and shareholder value. Rivera himself is optimistic about leveraging his experience to enhance the company's financial health and drive profitable growth.

Photronics (NASDAQ: PLAB) reported its Q2 FY2024 results on May 22, 2024, highlighting a stable revenue of $217.0 million, which is down 5% YoY but up 0.3% sequentially. The company faced headwinds due to temporary soft demand post-Chinese New Year and Taiwan earthquakes, impacting revenue by $3 million. GAAP net income was $36.3 million ($0.58 per diluted share), a decline from $39.9 million ($0.65 per diluted share) in Q2 2023.

Non-GAAP net income stood at $28.7 million ($0.46 per diluted share), down from $32.9 million ($0.54 per diluted share) YoY. IC revenue was $160.9 million, down 4% YoY, while FPD revenue decreased by 10% to $56.1 million. Cash generated from operations was $76.5 million, with $20 million invested in capital expenditures. The cash balance was $539.2 million.

For Q3 FY2024, Photronics expects revenue between $221 million and $229 million, with non-GAAP net income per diluted share ranging from $0.53 to $0.59.

Photronics, Inc. (PLAB) will report its second-quarter earnings for fiscal 2024 on May 22, 2024. The company will host a public conference call to discuss financial performance, business conditions, and industry outlook.