Veeco Instruments (VECO) Tops Q3 EPS by 12c
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Veeco Instruments (NASDAQ: VECO) reported Q3 EPS of ($0.05), $0.12 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $85.8 million versus the consensus estimate of $80.92 million.
Veeco Instruments sees Q4 2016 EPS of ($0.07)-$0.07, versus the consensus of ($0.05). Veeco Instruments sees Q4 2016 revenue of $85-100 million, versus the consensus of $89.84 million.
"Veeco executed well in the third quarter, delivering revenue above the top end of our guidance range and generating positive adjusted EBITDA and cash flows from operations," commented John R. Peeler, Chairman and Chief Executive Officer. "We are seeing a clear improvement in LED industry conditions and solid demand for our MOCVD products. We continue to win LED lighting and display opportunities with our TurboDisc® EPIK™700 Metal Organic Chemical Vapor Deposition ("MOCVD") system and expand our positions in red, orange and yellow LEDs with our TurboDisc® K475i™ Arsenic Phosphide ("As/P") system.
"We remain focused on improving the Company's through-cycle profitability. We are executing against our cost reduction initiatives, including our recently announced plans to significantly reduce investments in Atomic Layer Deposition ("ALD") technology development. These actions are expected to lower our quarterly adjusted EBITDA breakeven level to approximately $75 million in revenue, starting in the first quarter of 2017. Overall, I'm pleased with our ongoing execution and the positive momentum of our business looking ahead," Mr. Peeler concluded.
For earnings history and earnings-related data on Veeco Instruments (VECO) click here.
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