Photronics, Inc (NASDAQ:PLAB) released a first-quarter financial report Wednesday, reporting an adjusted EPS of 52 cents, beating the Wall Street view of 47 cents. 

• Quarterly revenues of $212.14 million, down 2% year-over-year.
• Sales beat the analyst consensus of $210 million. The revenue grew by 5% Q/Q.
• Integrated Circuits (IC) revenue was $154 million, down 2% year-over-year.
• Revenue fell by 6% Q/Q.
• Flat Panel Displays (FPD) revenue was $58.1 million, down 1% from last year’s quarter. The revenue fell by 1% Q/Q.
• Operating cash flow was $78.5 million in the quarter under review
• Cash invested in organic growth through capital expenditures was $35.2 million.
• Cash and short-term investments balance at the end of the quarter was $642.2 million, with $2.7 million in debt.

Within the Integrated Circuits (IC) and Flat Panel Display (FPD) end markets, Photronics chief Frank Lee observed favorable demand for high-end products, while the most mature mainstream masks were impacted by general market softness. In IC, photomasks supporting node migration and memory were particularly strong. In FPD, Lee continues to strategically leverage our IC technical expertise to drive its market-leading position and market share gains. He remains cautious about 2025.