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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