Veeco Instruments (VECO) Tops Q3 EPS by 2c, Revenues Beat; Offers 4Q Revenue Guidance Above Consensus

Veeco Instruments (NASDAQ: VECO) reported Q3 EPS of $0.22, $0.02 better than the analyst estimate of $0.20. Revenue for the quarter came in at $112.1 million versus the consensus estimate of $111.55 million.

Third Quarter 2020 Highlights:

• Revenues of $112.1 million, compared with $109.0 million in the same period last year
• GAAP net income of $0.6 million, or $0.01 per diluted share, compared with a loss of $11.8 million, or $0.25 loss per diluted share in the same period last year
• Non-GAAP net income of $11.0 million, or $0.22 per diluted share, compared with $2.6 million, or $0.05 per diluted share in the same period last year

“I am proud of the Veeco team for achieving another quarter of solid performance. While maintaining all health and safety measures, we continue to operate at normal capacity,” commented William J. Miller, Ph.D., Chief Executive Officer.

“We are pleased with our advancing profitability in the quarter which was driven by our ion beam technologies sold into the Data Storage market. Our non-GAAP operating income improved significantly year-on-year, demonstrating the early effectiveness of our transformation. Given our visibility, we expect continued strength in our overall business and feel confident about our future performance,” continued Dr. Miller. “We began to deliver evaluation systems in support of our longer term growth strategy in the semiconductor and compound semiconductor markets and we expect these initiatives to contribute to our growth in 2022 and beyond.”

GUIDANCE:

Veeco Instruments sees Q4 2020 EPS of $0.22-$0.37, versus the consensus of $0.26. Veeco Instruments sees Q4 2020 revenue of $120-135 million, versus the consensus of $118.02 million.

The following guidance is provided for Veeco’s fourth quarter 2020:

• Revenue is expected in the range of $120 million to $135 million
• GAAP earnings per share are expected in the range of $0.02 to $0.17
• Non-GAAP earnings per share are expected in the range of $0.22 to $0.37

For earnings history and earnings-related data on Veeco Instruments (VECO) click here.

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