Photronics Q1 2023 Earnings Report
Key Takeaways
Photronics' first quarter 2023 saw revenue increase sequentially, driven by high-end demand in both IC and FPD sectors. IC growth was fueled by Asian foundries, while FPD benefited from G10.5+ demand and mobile display strength. Profit margins were softer due to mix and lower customer premiums.
Revenue reached $211.1 million, up 0.4% sequentially and 11% year-over-year.
GAAP net income was $14.0 million ($0.23 per diluted share), compared to $23.1 million ($0.38 per diluted share) in the first quarter 2022.
Non-GAAP net income was $24.4 million ($0.40 per diluted share), compared to $19.2 million ($0.32 per diluted share) in the first quarter 2022.
Cash generated from operating activities was $28 million.
Photronics
Photronics
Photronics Revenue by Segment
Forward Guidance
For the second quarter of 2023, Photronics expects revenue to be between $205 million and $215 million and net income attributable to Photronics, Inc. shareholders to be between $0.38 and $0.48 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income