Veeco Instruments Inc. Earnings Cheat Sheet: Profit Goes South
Veeco Instruments Inc. (NASDAQ:VECO) reported its results for the second quarter. 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 Second Quarter
Results: Net income for the semiconductor equipment and materials company fell to $19.2 million (45 cents per share) vs. $52.4 million ($1.20 per share) a year earlier. This is a decline of 63.3% from the year earlier quarter.
Revenue: Rose 16.6% to $264.8 million from the year earlier quarter.
Actual vs. Wall St. Expectations: VECO reported adjusted net income of $1.34 per share. By that measure, the company fell in line with the mean estimate of $1.34 per share. It fell short of the average revenue estimate of $274.6 million.
Quoting Management: John R. Peeler, Veeco’s Chief Executive Officer, commented, “Veeco reported a solid second quarter, with revenues of $265 million, non-GAAP net income and earnings per share of $58 million and $1.34, respectively. Revenues were up 4% sequentially, and up 20% from the prior year second quarter. LED & Solar revenues were $219 million, including $206 million in MOCVD, and Data Storage revenues were $46 million, the highest quarterly level in five years. Veeco met our quarterly guidance, yet timing of revenue continues to be impacted by the longer order-to-revenue cycle times associated with the high percentage of MOCVD business currently coming from China, primarily due to customer facility readiness and credit tightening.”
Revenue has risen the past four quarters. Revenue increased 56% to $254.7 million in the first quarter. The figure rose more than twofold in the fourth quarter of the last fiscal year from the year earlier and climbed more than twofold in the third quarter of the last fiscal year from the year-ago quarter.
The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the first quarter, it topped the mark by 13 cents, and in the fourth quarter of the last fiscal year, it was ahead by 4 cents.
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).
(Source: Xignite Financials)