Photronics (NASDAQ:PLAB), a global leader in photomask technologies and solutions, today announced its financial results for the third quarter of fiscal year 2024.
The company reported revenue of $211 million, reflecting a 6% decrease compared to the same quarter last year.
Despite the drop in revenue, Photronics achieved a notable increase in GAAP net income attributable to shareholders, which rose to $34.4 million, or $0.55 per diluted share.
This marks a significant improvement from the $27 million, or $0.44 per diluted share, reported in the third quarter of 2023.
During the quarter, Photronics generated $75.1 million in cash from operating activities, while investing $24.4 million in capital expenditures to support organic growth.
At the end of the quarter, the company held $606.4 million in cash and short-term investments, with a debt level of $20.1 million.