Fri, Jun 7, 10:07 AM (92 days ago)
Photronics, Inc. reported revenue of $217.0 million for Q2 FY24, reflecting a slight increase of 0.3% from Q1 FY24 but a 5.4% decrease from Q2 FY23. Gross margin remained stable at 36.5% compared to the previous quarter but decreased from 38.6% a year ago. Operating expenses rose, with selling, general, and administrative costs increasing to $19.0 million, driven by higher compensation and professional fees. Research and development expenses also rose to $4.3 million, reflecting expanded development activities. Non-operating income was significantly impacted by favorable foreign currency movements, resulting in a net gain of $20.5 million. The effective tax rate decreased slightly to 26.4%. Net income attributable to Photronics shareholders was $36.3 million, or $0.58 per diluted share, down from $39.9 million, or $0.65 per diluted share, in Q2 FY23. Cash and cash equivalents stood at $493.9 million, with net cash provided by operating activities increasing to $118.0 million. Capital expenditures for FY24 are estimated at $140.0 million, primarily targeting high-end IC capacity and efficiency. The company has $31.7 million remaining under its share repurchase authorization.