Photronics Reports First Quarter Fiscal 2025 Results
Photronics (NASDAQ:PLAB) reported Q1 fiscal 2025 financial results with revenue of $212.1 million, down 2% year-over-year and 5% sequentially. GAAP net income reached $42.9 million ($0.68 per diluted share), compared to $26.2 million in Q1 2024.
The company's IC revenue was $154.0 million (down 2% YoY) while FPD revenue reached $58.1 million (down 1% YoY). Strong demand was observed in high-end products, particularly in node migration and memory segments, despite mainstream mask softness.
Cash position remained strong at $642.2 million with minimal debt of $2.7 million. For Q2 2025, Photronics guides revenue between $208-216 million with non-GAAP EPS of $0.44-0.50.
Photronics (NASDAQ:PLAB) ha riportato i risultati finanziari del primo trimestre dell'anno fiscale 2025 con un fatturato di 212,1 milioni di dollari, in calo del 2% rispetto all'anno precedente e del 5% rispetto al trimestre precedente. L'utile netto GAAP ha raggiunto 42,9 milioni di dollari (0,68 dollari per azione diluita), rispetto ai 26,2 milioni di dollari del primo trimestre del 2024.
Il fatturato dell'azienda nel settore IC è stato di 154,0 milioni di dollari (in calo del 2% su base annua), mentre il fatturato FPD ha raggiunto 58,1 milioni di dollari (in calo dell'1% su base annua). È stata osservata una forte domanda per i prodotti di alta gamma, in particolare nei segmenti di migrazione dei nodi e memoria, nonostante la debolezza dei mascheramenti mainstream.
La posizione di cassa è rimasta solida a 642,2 milioni di dollari con un debito minimo di 2,7 milioni di dollari. Per il secondo trimestre del 2025, Photronics prevede un fatturato compreso tra 208-216 milioni di dollari con un utile per azione non-GAAP di 0,44-0,50 dollari.
Photronics (NASDAQ:PLAB) informó los resultados financieros del primer trimestre del año fiscal 2025 con ingresos de 212.1 millones de dólares, una disminución del 2% en comparación con el año anterior y del 5% en comparación con el trimestre anterior. El ingreso neto GAAP alcanzó 42.9 millones de dólares (0.68 dólares por acción diluida), en comparación con los 26.2 millones de dólares en el primer trimestre de 2024.
Los ingresos de la compañía en IC fueron de 154.0 millones de dólares (una disminución del 2% interanual), mientras que los ingresos de FPD alcanzaron 58.1 millones de dólares (una disminución del 1% interanual). Se observó una fuerte demanda en productos de alta gama, particularmente en los segmentos de migración de nodos y memoria, a pesar de la debilidad en las máscaras convencionales.
La posición de efectivo se mantuvo sólida en 642.2 millones de dólares con una deuda mínima de 2.7 millones de dólares. Para el segundo trimestre de 2025, Photronics pronostica ingresos entre 208-216 millones de dólares con un BPA no-GAAP de 0.44-0.50 dólares.
Photronics (NASDAQ:PLAB)는 2025 회계연도 1분기 재무 결과를 발표했으며, 수익은 2억 1210만 달러로, 전년 대비 2% 감소하고 전 분기 대비 5% 감소했습니다. GAAP 순이익은 4290만 달러 (희석 주당 0.68달러)로, 2024년 1분기의 2620만 달러와 비교됩니다.
회사의 IC 수익은 1억 5400만 달러 (전년 대비 2% 감소)였으며, FPD 수익은 5810만 달러 (전년 대비 1% 감소)에 도달했습니다. 주류 마스크의 부진에도 불구하고, 특히 노드 마이그레이션 및 메모리 부문에서 고급 제품에 대한 강한 수요가 관찰되었습니다.
현금 보유는 6억 4220만 달러로 강력하게 유지되었으며, 부채는 270만 달러로 최소입니다. 2025년 2분기에는 Photronics가 2억 800만 달러에서 2억 1600만 달러 사이의 수익을 안내하며, 비-GAAP 주당순이익은 0.44-0.50달러로 예상하고 있습니다.
Photronics (NASDAQ:PLAB) a annoncé les résultats financiers du premier trimestre de l'exercice 2025, avec un chiffre d'affaires de 212,1 millions de dollars, en baisse de 2 % par rapport à l'année précédente et de 5 % par rapport au trimestre précédent. Le bénéfice net GAAP a atteint 42,9 millions de dollars (0,68 dollar par action diluée), contre 26,2 millions de dollars au premier trimestre 2024.
Les revenus de l'entreprise dans le secteur IC s'élevaient à 154,0 millions de dollars (en baisse de 2 % par rapport à l'année précédente), tandis que les revenus FPD ont atteint 58,1 millions de dollars (en baisse de 1 % par rapport à l'année précédente). Une forte demande a été observée pour les produits de haute qualité, en particulier dans les segments de migration de nœuds et de mémoire, malgré la faiblesse des masques traditionnels.
La position de trésorerie est restée solide à 642,2 millions de dollars avec une dette minimale de 2,7 millions de dollars. Pour le deuxième trimestre 2025, Photronics prévoit un chiffre d'affaires compris entre 208-216 millions de dollars avec un BPA non-GAAP de 0,44-0,50 dollar.
Photronics (NASDAQ:PLAB) hat die finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht, mit einem Umsatz von 212,1 Millionen Dollar, was einem Rückgang von 2% im Vergleich zum Vorjahr und 5% im Vergleich zum vorherigen Quartal entspricht. Der GAAP-Nettoertrag belief sich auf 42,9 Millionen Dollar (0,68 Dollar pro verwässerter Aktie), verglichen mit 26,2 Millionen Dollar im ersten Quartal 2024.
Der Umsatz des Unternehmens im Bereich IC betrug 154,0 Millionen Dollar (Rückgang um 2% im Jahresvergleich), während der FPD-Umsatz 58,1 Millionen Dollar erreichte (Rückgang um 1% im Jahresvergleich). Trotz der Schwäche bei den Mainstream-Masken wurde eine starke Nachfrage nach hochwertigen Produkten, insbesondere in den Segmenten der Knotenmigration und des Speichers, beobachtet.
Die Liquiditätsposition blieb mit 642,2 Millionen Dollar stark, bei einer minimalen Verschuldung von 2,7 Millionen Dollar. Für das zweite Quartal 2025 prognostiziert Photronics einen Umsatz zwischen 208-216 Millionen Dollar mit einem non-GAAP EPS von 0,44-0,50 Dollar.
- GAAP net income increased 64% YoY to $42.9M
- Strong cash position of $642.2M with minimal debt
- Robust demand in high-end IC products and memory segment
- Operating cash flow of $78.5M
- Revenue declined 2% YoY to $212.1M
- IC revenue down 2% YoY to $154.0M
- FPD revenue decreased 1% YoY to $58.1M
- Management cautious about 2025 outlook
Insights
Photronics delivered Q1 FY2025 results showing divergent performance trends between revenue and profitability. While revenue declined modestly to
The company's performance reveals a bifurcated market dynamic: strong demand for high-end photomasks (critical components used to transfer circuit patterns onto semiconductor wafers and display panels) while mature products face softness. This trend is particularly evident in the IC segment, where photomasks supporting advanced node migration and memory applications showed strength despite the segment's overall
Photronics' financial position remains exceptionally strong with
Management's Q2 guidance of
Photronics' strategy of leveraging IC technical expertise to strengthen its FPD market position appears to be yielding market share gains despite the challenging environment, positioning the company to potentially outperform when industry conditions improve.
BROOKFIELD, Conn., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its first quarter of fiscal year 2025 ended February 2, 2025.
“We achieved top-line results in line with our expectations and reflective of seasonal demand patterns,” said Frank Lee, chief executive officer. “Within Integrated Circuits (IC) and Flat Panel Display (FPD) end markets, we observed favorable demand for high-end products while the most mature mainstream masks were impacted by general market softness. In IC, photomasks supporting node migration and memory were particularly strong. In FPD, we continue to strategically leverage our IC technical expertise to drive our market leading position and market share gains. We remain cautious about 2025, while we continue to manage costs and optimize product mix to deliver margins.”
First Quarter Fiscal 2025 Results
- Revenue was
$212.1 million , down2% year-over-year and5% sequentially. - GAAP Net income attributable to Photronics, Inc. shareholders was
$42.9 million , or$0.68 per diluted share, compared with$26.2 million , or$0.42 per diluted share, in the first quarter of 2024 and$33.9 million , or$0.54 per diluted share, in the fourth quarter of 2024. - Non-GAAP Net income attributable to Photronics, Inc. shareholders was
$32.4 million , or$0.52 per diluted share, compared with$29.9 million , or$0.48 per diluted share in the first quarter of 2024 and$37.1 million , or$0.59 per diluted share, in the fourth quarter of 2024. - IC revenue was
$154.0 million , down2% year-over-year and6% sequentially. - FPD revenue was
$58.1 million , down1% from the same quarter last year and1% sequentially. - Cash generated from operating activities was
$78.5 million , cash invested in organic growth through capital expenditures was$35.2 million , and cash returned to shareholders through share repurchases was$4.6 million . - Cash at the end of the quarter was
$642.2 million , and Debt was$2.7 million .
Second Quarter Fiscal 2025 Guidance
For the second quarter of fiscal 2025, Photronics expects Revenue to be between
Webcast
A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on February 26, 2025. The call will be broadcast live and on-demand on the Events and Presentations link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click here. It is suggested that participants register fifteen minutes prior to the call's scheduled start time.
About Photronics
Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 55 years. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
Non-GAAP Financial Measures
Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.
| PHOTRONICS, INC. | |||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| February 2, | October 31, | January 28, | |||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||
| Revenue | $ | 212,138 | $ | 222,628 | $ | 216,334 | |||||||||
| Cost of goods sold | 136,603 | 140,326 | 137,079 | ||||||||||||
| Gross Profit | 75,535 | 82,302 | 79,255 | ||||||||||||
| Gross margin % | 35.6 | % | 37.0 | % | 36.6 | % | |||||||||
| Operating Expenses: | |||||||||||||||
| Selling, general and administrative | 19,101 | 21,008 | 18,321 | ||||||||||||
| Research and development | 4,257 | 5,285 | 3,445 | ||||||||||||
| Total Operating Expenses | 23,358 | 26,293 | 21,766 | ||||||||||||
| Other operating (loss) gain | - | (182 | ) | - | |||||||||||
| Operating Income | 52,177 | 55,827 | 57,489 | ||||||||||||
| Operating Margin | 24.6 | % | 25.1 | % | 26.6 | % | |||||||||
| Non-operating (loss) income, net | 24,981 | (1,034 | ) | (3,747 | ) | ||||||||||
| Income Before Income Tax Provision | 77,158 | 54,793 | 53,742 | ||||||||||||
| Income tax provision | 18,901 | 14,568 | 14,660 | ||||||||||||
| Net Income | 58,257 | 40,225 | 39,082 | ||||||||||||
| Net income attributable to noncontrolling interests | 15,406 | 6,356 | 12,902 | ||||||||||||
| Net income attributable to Photronics, Inc. shareholders | $ | 42,851 | $ | 33,869 | $ | 26,180 | |||||||||
| Earnings per share attributed to Photronics, Inc. shareholders: | |||||||||||||||
| Basic | $ | 0.69 | $ | 0.55 | $ | 0.43 | |||||||||
| Diluted | $ | 0.68 | $ | 0.54 | $ | 0.42 | |||||||||
| Weighted-average number of common shares outstanding: | |||||||||||||||
| Basic | 62,093 | 61,863 | 61,455 | ||||||||||||
| Diluted | 62,661 | 62,456 | 62,283 | ||||||||||||
| PHOTRONICS, INC. | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (in thousands) | ||||||||||
| (Unaudited) | ||||||||||
| February 2, | October 31, | |||||||||
| 2025 | 2024 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 642,200 | $ | 598,485 | ||||||
| Short-term investments | - | 42,184 | ||||||||
| Accounts receivable | 188,438 | 200,830 | ||||||||
| Inventories | 57,583 | 56,527 | ||||||||
| Other current assets | 32,613 | 33,036 | ||||||||
| Total current assets | 920,834 | 931,062 | ||||||||
| Property, plant and equipment, net | 749,809 | 745,257 | ||||||||
| Other assets | 34,028 | 35,740 | ||||||||
| Total assets | $ | 1,704,671 | $ | 1,712,059 | ||||||
| Liabilities and Equity | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of long-term debt | $ | 2,631 | $ | 17,972 | ||||||
| Accounts payable and accrued liabilities | 160,012 | 165,839 | ||||||||
| Total current liabilities | 162,643 | 183,811 | ||||||||
| Long-term debt | 21 | 25 | ||||||||
| Other liabilities | 47,798 | 47,464 | ||||||||
| Equity: | ||||||||||
| Photronics, Inc. shareholders' equity | 1,127,749 | 1,120,864 | ||||||||
| Noncontrolling interests | 366,460 | 359,895 | ||||||||
| Total equity | 1,494,209 | 1,480,759 | ||||||||
| Total liabilities and equity | $ | 1,704,671 | $ | 1,712,059 | ||||||
| PHOTRONICS, INC. | |||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||
| (in thousands) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | |||||||||||||
| February 2, | January 28, | ||||||||||||
| 2025 | 2024 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||
| Net income | $ | 58,257 | $ | 39,082 | |||||||||
| Adjustments to reconcile net income to net cash | |||||||||||||
| provided by operating activities: | |||||||||||||
| Depreciation and amortization | 20,792 | 20,702 | |||||||||||
| Share-based compensation | 3,334 | 2,573 | |||||||||||
| Changes in operating assets, liabilities and other | (3,917 | ) | (20,849 | ) | |||||||||
| Net cash provided by operating activities | 78,466 | 41,508 | |||||||||||
| Cash flows from investing activities: | |||||||||||||
| Purchases of property, plant and equipment | (35,200 | ) | (43,314 | ) | |||||||||
| Purchases of short-term investments | - | (2,436 | ) | ||||||||||
| Proceeds from maturities of short-term investments | 41,482 | 2,500 | |||||||||||
| Government incentives | 620 | 1,091 | |||||||||||
| Other | (57 | ) | (56 | ) | |||||||||
| Net cash provided by (used in) investing activities | 6,845 | (42,215 | ) | ||||||||||
| Cash flows from financing activities: | |||||||||||||
| Repayments of debt | (15,343 | ) | (1,194 | ) | |||||||||
| Common stock repurchases | (4,573 | ) | - | ||||||||||
| Proceeds from share-based arrangements | 1,433 | 936 | |||||||||||
| Net settlements of restricted stock awards | (1,995 | ) | (2,613 | ) | |||||||||
| Net cash used in financing activities | (20,478 | ) | (2,871 | ) | |||||||||
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (21,202 | ) | 13,026 | ||||||||||
| Net increase in cash, cash equivalents, and restricted cash | 43,631 | 9,448 | |||||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 601,243 | 501,867 | |||||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 644,874 | $ | 511,315 | |||||||||
| PHOTRONICS, INC. | ||||||||||||
| Reconciliation of GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders to Non-GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders | ||||||||||||
| (in thousands, except per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months ended | ||||||||||||
| February 2, | October 31, | January 28, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| GAAP Net income attributable to Photronics, Inc. shareholders | $ | 42,851 | $ | 33,869 | $ | 26,180 | ||||||
| FX (gain) loss | (18,443 | ) | 7,758 | 8,909 | ||||||||
| Estimated tax effects of FX (gain) loss | 5,152 | (1,936 | ) | (2,244 | ) | |||||||
| Estimated noncontrolling interest effects of above | 2,823 | (2,637 | ) | (2,939 | ) | |||||||
| Non-GAAP Net income attributable to Photronics, Inc. shareholders | $ | 32,383 | $ | 37,054 | $ | 29,906 | ||||||
| Weighted-average number of common shares outstanding - Diluted | 62,661 | 62,456 | 62,283 | |||||||||
| GAAP Diluted earnings per share attributable to Photronics, Inc. shareholders | $ | 0.68 | $ | 0.54 | $ | 0.42 | ||||||
| Effects of non-GAAP adjustments above | (0.16 | ) | 0.05 | 0.06 | ||||||||
| Non-GAAP Diluted earnings per share attributable to Photronics, Inc. shareholders | $ | 0.52 | $ | 0.59 | $ | 0.48 | ||||||
For Further Information:
Ted Moreau
VP, Investor Relations
469.395.8175
tmoreau@photronics.com
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