By Denny Jacob
Photronics posted a smaller profit in its latest quarter as revenue declined, though the company is cautiously optimistic demand will pick up on recent momentum in 2025.
The semiconductor photomask manufacturer recorded net income of $40.2 million, or 54 cents a share, for the fourth quarter ended Oct. 31, down from $63.2 million, or 72 cents a share, a year earlier.
Stripping out one-time items, earnings came in at 59 cents a share.
Revenue declined to $222.6 million from $227.5 million a year earlier.
Chief Executive Frank Lee said sequential revenue growth in the quarter was aided by increased sales of integrated circuits and flat panel displays.
"Photomask demand trends were favorable as we ended the year and we are cautiously optimistic that these trends will continue into 2025, driven by megatrends such as AI, supply chain regionalization, and edge computing," said Lee.
Photronics forecast revenue between $208 million and $216 million as well as adjusted earnings per-share in the range of 43 cents and 49 cents for the first quarter.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 11, 2024 06:49 ET (11:49 GMT)
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