Veeco Instruments (VECO) Updates Q4 Guidance, Provides Initial 2024 Outlook

Veeco Instruments Inc. (NASDAQ: VECO) today has updated its financial guidance for the fourth quarter of 2023 and provided an initial 2024 outlook.

Veeco’s management is scheduled to meet with investors and present at the 26th Annual Needham Growth Conference later today, where they will discuss Veeco’s updated 2023 guidance and provide an initial 2024 outlook. The presentation will be broadcast live at 11:45 AM ET and can be accessed on the investor relations section of Veeco's website at ir.veeco.com.

We expect revenue for the fourth quarter of 2023 between $165 to $175 million, compared to our prior guidance of $155 to $175 million. Full year 2023 revenue is now expected in the range of $658 to $668 million. GAAP earnings per diluted share for the fourth quarter of 2023 is expected to be between $0.27 and $0.32, while Non-GAAP diluted EPS is expected between $0.40 to $0.45, compared to our prior guidance of $0.35 to $0.45(1). Full year 2023 GAAP diluted loss per share is expected in the range of $(0.70) to $(0.59), while Non-GAAP diluted earnings per share is expected in the range of $1.58 to $1.65(2).

Our estimated and unaudited consolidated financial data is preliminary and was prepared by us in good faith based upon internal reporting for the three months and year ended December 31, 2023. Although we have not identified any unusual or unique events or trends that occurred during the period which might materially affect these estimates, actual results may still be outside of the ranges provided.

Veeco’s initial 2024 outlook for revenue is between $680 to $740 million and Non-GAAP earnings per diluted share between $1.60 to $1.90(3).

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