In This Story
Photronics Inc. (PLAB+2.26%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing reports total revenue of $866.9 million, a decrease from $892.1 million in the previous year. The decrease is attributed to lower demand for mainstream integrated circuit (IC) and flat-panel display (FPD) photomasks.
Gross profit for the year was $315.9 million, down from $336.2 million in the prior year, with a gross margin of 36.4% compared to 37.7% in 2023.
Operating expenses increased to $94.3 million from $83.1 million, primarily due to higher selling, general, and administrative expenses.
Research and development expenses were $16.6 million, up from $13.7 million in the previous year, reflecting increased development activities.
Net income attributable to Photronics Inc. shareholders was $130.7 million, up from $125.5 million in the previous year, with a diluted earnings per share of $2.09.
The company reported cash and cash equivalents of $598.5 million as of October 31, 2024, an increase from $499.3 million at the end of the previous fiscal year.
Capital expenditures for the year were $130.9 million, with plans to increase to approximately $200 million in fiscal 2025 to support customer technology requirements.
Photronics operates eleven manufacturing facilities globally, with a significant portion of its revenue generated from non-U.S. operations, accounting for 83% of total revenues in 2024.
The filing details various risks, including dependency on a limited number of large customers, competition in the photomask industry, and potential impacts from international trade policies.
Photronics continues to focus on advancing its technology and reducing costs to maintain competitiveness in the photomask industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Photronics Inc. annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.