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Photronics Inc reports developments in photomask manufacturing for integrated circuits and flat panel displays. The company produces high-precision quartz or glass photomasks used to transfer circuit patterns onto semiconductor wafers and display substrates, with manufacturing facilities in Asia, Europe, and North America.
Recurring updates include fiscal earnings releases, conference-call schedules, business-condition and industry-outlook commentary, investments in advanced display photomask capabilities such as AMOLED mask writing, and governance changes involving executive officers and the board of directors.
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.
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