Veeco and Bankrate in Focus on Trading Screens After Earnings

Veeco Instruments Inc. (NASDAQ:VECO) posted a decrease in profit as revenue declined. Net income for the semiconductor equipment and materials company fell to $20.3 million (52 cents per share) vs. $197.2 million ($4.70 per share) a year earlier. This is a decline of 89.7% from the year earlier quarter. Revenue fell 36.1% to $191.7 million from the year earlier quarter. Veeco Instruments Inc. reported adjusted net income of 72 cents per share. By that measure, the company beat the mean estimate of 60 cents per share. Analysts were expecting revenue of $193.7 million.

John R. Peeler, Veeco’s Chief Executive Officer, commented, “Veeco’s fourth quarter performance was within our guidance range with revenue of $192 million and non-GAAP earnings per share of $0.72. Business conditions in LED remained weak, as expected, with some customer-driven rescheduling of tool shipments. Fourth quarter LED & Solar revenues were $160 million, including $150 million in MOCVD. Data Storage revenues were $32 million.”

Competitors to Watch: Applied Materials, Inc. (NASDAQ:AMAT), Aixtron AG (NASDAQ:AIXG), CVD Equipment Corporation (NASDAQ:CVV), Cree, Inc. (NASDAQ:CREE), Intevac, Inc. (NASDAQ:IVAC), Amtech Systems, Inc. (NASDAQ:ASYS), Zygo Corporation (NASDAQ:ZIGO), Canon Inc. (NYSE:CAJ), MEMC Electronic Materials, Inc. (NYSE:WFR), and Novellus Systems, Inc. (NASDAQ:NVLS).

Bankrate Inc. (NYSE:RATE) reported its results for the fourth quarter. Reported a profit of $14 million (14 cents per diluted share) in the quarter. Bankrate Inc. had a net loss of $4.8 million or a loss 5 cents per share in the year earlier quarter. Revenue rose 47.2% to $113.8 million from the year earlier quarter. Bankrate Inc. reported adjusted net income of 19 cents per share. By that measure, the company beat the mean estimate of 14 cents per share. It beat the average revenue estimate of $103.5 million.

“Our fourth quarter results were very strong with significant growth across all of our verticals, which we believe is testament to our position as a go-to source for consumers and advertisers in the online personal finance space. We believe that our branded, content-rich, destination sites continue to be a valuable resource for consumers,” said Thomas R. Evans, President and CEO of Bankrate, Inc.

 

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com