Veeco Instruments Inc. (NASDAQ:VECO) reported higher profit for the first quarter as revenue showed growth. Veeco Instruments, Inc. designs and manufactures enabling solutions for customers in the high brightness light emitting diode (HB-LED), solar, data storage, semiconductor, scientific research and industrial markets.
Veeco Instruments Earnings Cheat Sheet for the First Quarter
Results: Net income for the semiconductor equipment and materials company rose to $52.6 million ($1.24/share) vs. $26 million (62 cents/share) in the same quarter a year earlier. A more than twofold rise from the year earlier quarter.
Revenue: Rose 56% to $254.7 million YoY.
Actual vs. Wall St. Expectations: VECO beat the mean analyst estimate of $1.21/share. Estimates ranged from $1.13 per share to $1.28 per share.
Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of more than twofold, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose more than threefold from the year earlier quarter.
Last quarter marked the fifth consecutive quarter of gross margins expanding as the company’s gross margin expanded 7.7 percentage points to 50.8% from the year earlier quarter. Over that span, margins have grown on average 10.1 percentage points per quarter on a year-over-year basis.
Competitors to Watch: Applied Materials, Inc. (NASDAQ:AMAT), Aixtron AG (NASDAQ:AIXG), CVD Equipment Corporation (NASDAQ:CVV), Cree, Inc. (NASDAQ:CREE), Thermo Fisher Scientific Inc. (NYSE:TMO), Intevac, Inc. (NASDAQ:IVAC), Agilent Technologies Inc. (NYSE:A), Amtech Systems, Inc. (NASDAQ:ASYS), Canon Inc. (NYSE:CAJ), and Zygo Corporation (NASDAQ:ZIGO).
Today’s Performance: Shares of VECO are trading at $49.84 as of April 25, 2011 at 4:32 PM ET, up 3.9% from the today’s closing price of $47.97.