The following is a summary of the Photronics, Inc. (PLAB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Photronics reported Q1 revenues of $216.3 million up 2% YoY, with IC revenue growing by 1% YoY and FPD revenue seeing an 8% improvement YoY.

• Gross margin expanded to 36.6% which reflects greater operational leverage and efficiency.

• Net income for the quarter came in at $26.2 million or $0.42 per diluted share, which, excluding non-operating loss, adjusted to $29.9 million or $0.48 per share.

• A strong positive cash flow was maintained, with the operating cash flow standing at $41.5 million, which represents a 50% YoY increase.

Business Progress:

• Photronics saw an improvement in high-end FPD revenue due to increasing demand for AMOLED displays.

• The company continued to invest with a CapEx of $43.3 million focused on high-end and mainstream IC growth.

• For Q2, Photronics expects revenues to grow to a range of $226 million to $236 million, and non-GAAP earnings per share to be between $0.50 to $0.58.

• The company witnessed an uptick in photomask demand due to growth in micro LED production.

• Photronics expanded their EUV customer base and reported successfully running demonstrations for a memory customer, showing potential for further EUV business.

More details: Photronics IR

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