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Photronics(PLAB) - 2025 Q2 - Quarterly Results
PLABPhotronics(PLAB)2025-05-28 11:00
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Revenue Performance - Revenue for Q2 FY2025 was 211.0million,adecreaseof3211.0 million, a decrease of 3% year-over-year and 1% sequentially[3]. - Integrated Circuit (IC) revenue was 155.9 million, down 3% year-over-year but up 1% sequentially[3]. - Flat Panel Display (FPD) revenue was 55.1million,down255.1 million, down 2% year-over-year and 5% sequentially[3]. - For Q3 FY2025, revenue guidance is expected to be between 200 million and 208million,withnon−GAAPnetincomeperdilutedsharebetween208 million, with non-GAAP net income per diluted share between 0.35 and 0.41[4].NetIncomeandEarningsPerShare−GAAPnetincomeattributabletoshareholderswas0.41[4]. Net Income and Earnings Per Share - GAAP net income attributable to shareholders was 8.9 million, or 0.15perdilutedshare,comparedto0.15 per diluted share, compared to 36.3 million, or 0.58perdilutedshareinQ2FY2024[3].−Non−GAAPnetincomeattributabletoshareholderswas0.58 per diluted share in Q2 FY2024[3]. - Non-GAAP net income attributable to shareholders was 24.3 million, or 0.40perdilutedshare,downfrom0.40 per diluted share, down from 28.7 million, or 0.46perdilutedshareinQ2FY2024[3].−GAAPnetincomeattributabletoPhotronics,Inc.shareholdersforthethreemonthsendedMay4,2025,was0.46 per diluted share in Q2 FY2024[3]. - GAAP net income attributable to Photronics, Inc. shareholders for the three months ended May 4, 2025, was 8.861 million, a decrease from 42.851millioninthepreviousquarter[18].−Non−GAAPnetincomeattributabletoPhotronics,Inc.shareholderswas42.851 million in the previous quarter[18]. - Non-GAAP net income attributable to Photronics, Inc. shareholders was 24.259 million, compared to 32.383millioninthepreviousquarter[18].−GAAPdilutedearningspershareattributabletoPhotronics,Inc.shareholdersdecreasedto32.383 million in the previous quarter[18]. - GAAP diluted earnings per share attributable to Photronics, Inc. shareholders decreased to 0.15 from 0.68inthepreviousquarter[18].−Non−GAAPdilutedearningspershareattributabletoPhotronics,Inc.shareholderswas0.68 in the previous quarter[18]. - Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders was 0.40, down from 0.52inthepreviousquarter[18].CashFlowandInvestments−Cashgeneratedfromoperatingactivitieswas0.52 in the previous quarter[18]. Cash Flow and Investments - Cash generated from operating activities was 31.5 million, with 60.5millioninvestedinorganicgrowthand60.5 million invested in organic growth and 72.1 million returned to shareholders through stock repurchases[9]. - Cash, cash equivalents, and short-term investments at the end of the quarter totaled 558.4million[9].−Thecompanyrepurchased558.4 million[9]. - The company repurchased 72 million of its stock during the quarter as part of its strategy to return cash to shareholders[2]. Foreign Exchange Impact - Foreign exchange (FX) gain/loss for the quarter was a loss of 31.111million,comparedtoagainof31.111 million, compared to a gain of 18.443 million in the previous quarter[18]. - Estimated tax effects of FX gain/loss were (8.337)million,comparedto(8.337) million, compared to 5.152 million in the previous quarter[18]. - Estimated noncontrolling interest effects related to FX were (7.376)million,comparedto(7.376) million, compared to 2.823 million in the previous quarter[18]. Management Changes - The transition of CEO from Dr. Frank Lee to Mr. George Macricostas was announced, with Dr. Lee remaining involved in Asia operations[1]. Overall Financial Performance - The company experienced a decrease in non-GAAP adjustments, with effects of (0.25)persharecomparedto(0.25) per share compared to (0.16) in the previous quarter[18]. - Overall, the financial performance indicates a significant decline in both net income and earnings per share compared to the previous quarter[18].