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Apr 30, 2023
Photronics Q2 2023 Earnings Report
Photronics achieved record revenue in the second quarter with growth across IC and FPD.
Key Takeaways
Photronics reported record revenue in Q2 2023, driven by high demand for design-driven products in both IC and FPD segments. Profit margins expanded due to positive volume leverage, pricing, favorable mix, and tight cost control. The company's strong cash generation from operating activities has enabled them to strengthen their balance sheet and invest in organic growth.
Revenue was $229.3 million, up 9% sequentially and 12% year-over-year.
GAAP net income was $39.9 million ($0.65 per diluted share), compared to $27.4 million ($0.45 per diluted share) in Q2 2022.
Non-GAAP net income was $32.9 million ($0.54 per diluted share), compared to $23.1 million ($0.38 per diluted share) in Q2 2022.
Cash generated from operating activities was $82 million.
Revenue by Segment
Forward Guidance
For the third quarter of fiscal 2023, Photronics expects revenue to be between $224 million and $234 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.48 and $0.54 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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