Photronics Reports $225 Million Q1 and $0.74 EPS as It Guides a Lower Q2

Leadership highlights strong liquidity from joint ventures to fund expansions that broaden its geographic mix.

Overview

Integrated-circuit photomask revenue reached $165.3 million, up 7% year over year, and flat-panel display revenue was $59.8 million, up 3%.
Non-GAAP net income was $35.7 million, or $0.61 per diluted share, compared with $32.4 million a year earlier.
Management forecast fiscal Q2 revenue of $212 million to $220 million and non-GAAP EPS of $0.49 to $0.55.
Cash, cash equivalents and short-term investments totaled $636.9 million at quarter end, including $459.1 million associated with 50.01%-owned joint ventures.
CEO George Macricostas cited record high-end IC sales for a second straight quarter and said facility expansions and process improvements remain on track.