Photronics Reports Q4 FY2024 Results: EPS $0.59, Revenue $222.63M (down 2% YoY), FY2024 EPS $2.05

Photronics, Inc. (NASDAQ: PLAB) reported its fourth-quarter fiscal 2024 results, revealing an adjusted earnings per share (EPS) of $0.59, surpassing analysts' expectations of $0.52. The company's revenue for the quarter reached $222.63 million, which exceeded the forecast of $218 million, although it represented a 2% decline year-over-year. On a quarterly basis, revenue increased by 6%. For the full fiscal year, Photronics reported an adjusted EPS of $2.05, slightly missing the projected $2.08, while total sales amounted to $866.946 million, surpassing the estimate of $862.318 million. The CEO attributed the strong performance to robust integrated circuit (IC) revenue growth in the U.S., driven by trends in artificial intelligence and edge computing. Following the earnings announcement, the company's stock rose by over 14% in pre-market trading.