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Needham & Company Incrementally More Positive on Veeco (VECO) Amid Cost Cuts, Boosted Outlook

Go back to Needham & Company Incrementally More Positive on Veeco (VECO) Amid Cost Cuts, Boosted Outlook

Veeco Announces Reduction in ALD Technology Investments and Guides Third Quarter 2016 Revenue to High End of Guidance Range

October 5, 2016 8:00 AM EDT

PLAINVIEW, NY -- (Marketwired) -- 10/05/16 --

Significantly reducing future investments in Atomic Layer Deposition ("ALD") technology developmentALD cost reductions expected to result in annualized savings of approximately $10 millionExpecting to record pre-tax charges of between $56 and $62 million in Q3 2016, the vast majority of which are non-cash impairment chargesExpecting Q3 2016 revenue to be at the high end of previously announced guidance range of $70 million to $85 million

Veeco Instruments Inc. (NASDAQ: VECO) today announced additional cost reduction initiatives with the decision to significantly reduce future investments... More