Photronics | 8-K: FY2025 Q3 Revenue Beats Estimate at USD 210.39 M

LB filings
2025.08.27 11:02
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Revenue: As of FY2025 Q3, the actual value is USD 210.39 M, beating the estimate of USD 204.3 M.

EPS: As of FY2025 Q3, the actual value is USD 0.39, beating the estimate of USD 0.385.

EBIT: As of FY2025 Q3, the actual value is USD 38.73 M.

Segment Revenue

  • Total Revenue: $210.4 million, a decrease of 0.3% year-over-year and 0.3% sequentially.
  • IC Revenue: $147.8 million, down 5% year-over-year and 5% sequentially.
  • FPD Revenue: $62.6 million, up 14% from the same quarter last year and 14% sequentially.
  • Geographic Distribution: Total revenue of $856 million, with Europe 4%, Taiwan 34%, China 26%, Korea 19%, and US 17%.

Operational Metrics

  • GAAP Net Income: $22.9 million, or $0.39 per diluted share, compared to $34.4 million, or $0.55 per diluted share, in the third quarter of 2024.
  • Non-GAAP Net Income: $29.4 million, or $0.51 per diluted share, compared to $31.9 million, or $0.51 per diluted share, in the third quarter of 2024.
  • Gross Profit: $70.9 million, with a gross margin of 33.7%.
  • Operating Income: $48.2 million, with an operating margin of 22.9%.
  • Operating Income: $212 million.
  • Gross Margin: 33.7% for Fiscal Q3 2025, compared to 36.9% in FQ2 2025 and 35.6% in FQ3 2024.
  • Operating Margin: 22.9% for FQ3 2025, compared to 26.4% in FQ2 2025 and 24.7% in FQ3 2024.

Cash Flow

  • Cash Generated from Operating Activities: $50.1 million.
  • Cash Invested in Organic Growth through Capital Expenditures: $24.8 million.
  • Cash Returned to Shareholders through Share Repurchases: $20.7 million.
  • Operating Cash Flow: $228 million.
  • Free Cash Flow: The free cash flow has a CAGR of 59% from 2017 to 2024.

Unique Metrics

  • Cash, Cash Equivalents, and Short-term Investments: $575.8 million, with $396.8 million associated with joint ventures.
  • Revenue by Product Line: High-End revenue was $53.6 million, a decrease of 10% quarter-over-quarter but an increase of 8% year-over-year. Mainstream revenue was $94.2 million, a decrease of 3% quarter-over-quarter and 12% year-over-year.

Outlook / Guidance

  • For the fourth quarter of fiscal 2025, Photronics expects revenue to be between $201 million and $209 million.
  • Non-GAAP net income attributable to Photronics, Inc. shareholders is expected to be between $0.42 and $0.48 per diluted share.
  • The fiscal 2025 capex target is reiterated at $200 million.
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