Photronics Inc. (NASDAQ:PLAB) Q3 2024 Earnings Conference Call August 29, 2024 8:30 AM ET
Company Participants
Eric Rivera - Chief Financial Officer
Frank Lee - Chief Executive Officer
Christopher Progler - Executive Vice President, Chief Technology Officer, Strategic Planning
Conference Call Participants
Thomas Diffely - D.A. Davidson & Co.
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Photronics Third Quarter Fiscal Year 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded on Thursday, August 29, 2024.
I would like now to turn the conference over to Eric Rivera, Chief Financial Officer. Please go ahead.
Eric Rivera
Thank you, Michelle. Good morning, everyone. Welcome to our review of Photronics Fiscal 2024 Third Quarter Results. Joining me this morning are Frank Lee, our Chief Executive Officer; and Chris Progler, our Chief Technology Officer.
The press release we issued earlier this morning together with the presentation material that accompanies our remarks are available on the Investor relations sections of our webpage. Comments made by any participants on today's calls may include forward-looking statements that include such words as anticipate, believe, estimate, expect, forecast and in our view.
These forward-looking statements are based upon a number of risks, uncertainties and other factors that are difficult to predict. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We're under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results.
During the course of our discussion, we will refer to certain non-GAAP financial metrics. These numbers are useful for analysts, investors and management to evaluate ongoing performance. A reconciliation of these metrics to GAAP financial results is provided in our presentation materials.
At this time I'll turn the call over to Frank.
Frank Lee
Thank you, Eric, and good morning, everyone. Third quarter sales came in lighter than we expected due to soft demand from Asia foundry as the strong order rates at the beginning of the quarter lost momentum.
Lingering macro uncertainty and customer concern on elevated inventory caused some to limit or defer releasing new designs. As a result, photomask demand slowed, resulting in lower sales for both IC and FPD.