Photronics Inc. Records Q3 Net Income of $27.0 Million, Revenue Hits $224.2 Million
Revenue Up 2% Year-over-Year Despite Sequential Dip
Photronics Inc. (PLAB), a leading global supplie r of photomasks for the semiconductor and flat panel display (FPD) industries, has released its financial results for the third quarter of fiscal year 2023. Despite a slight sequential decline, the company reported a net income of $27.0 million and revenue of $224.2 million for the quarter.
Net Income Performance
In the third quarter of fiscal 2023, Photronics Inc. reported a GAAP net income attributable to its shareholders of $27.0 million, equivalent to $0.44 per diluted share. This marks a decrease compared to the third quarter of 2022 when the company recorded a net income of $31.2 million, or $0.51 per diluted share. Moreover, it represents a notable decline from the second quarter of 2023 when the company reported a net income of $39.9 million, or $0.65 per diluted share. The dip in net income is indicative of the challenges the company faced during the quarter.
On a non-GAAP basis, net income attributable to Photronics Inc. shareholders for the third quarter of 2023 was $31.6 million, or $0.51 per diluted share. This is in contrast to the third quarter of 2022, when the non-GAAP net income was $28.9 million, or $0.47 per diluted share, and the second quarter of 2023, when it stood at $32.9 million, or $0.54 per diluted share.
