Veeco Instruments Inc. Earnings: Weak Revenue Lead to Profit Decline
Veeco Instruments Inc. (NASDAQ:VECO) posted a decrease in profit as revenue declined. Veeco Instruments 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.
Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?
Veeco Instruments Earnings Cheat Sheet for the Fourth Quarter
Results: 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.
Actual vs. Wall St. Expectations: 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.
Quoting Management: 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.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 19 cents in the third quarter, by one cent in the second quarter, and by 13 cents in the first quarter.
The company has now seen net income fall in each of the last three quarters. In the third quarter, net income fell 58.4% from the year earlier, while the figure fell 63.3% in the second quarter.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the first quarter of the next fiscal year is 39 cents per share, down from 40 cents ninety days ago. Over the past three months, the average estimate for the fiscal year has climbed from $4.45 per to share to $4.48.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories:
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com