Veeco Instruments (NASDAQ: VECO) reported Q2 EPS of $0.15, $0.02 better than the analyst estimate of $0.13. Revenue for the quarter came in at $157.8 million versus the consensus estimate of $160.35 million.

• Revenues of $157.8 million, compared with $112.2 million in the same period last year
• GAAP net loss of $237.6 million, or $5.02 loss per diluted share
• Non-GAAP net income of $7.2 million, or $0.15 per diluted share
• Recorded $252.3 million non-cash, intangible asset impairment charge

“Veeco had solid Q2 performance with Non-GAAP gross margin, operating income, net income and EPS at the high end of our guided ranges,” commented John R. Peeler, Chairman and Chief Executive Officer.

“Based on Ultratech’s performance relative to our prior projections, we were required to record an intangible asset impairment charge of $252 million for GAAP results. This is a non-cash charge and does not affect our liquidity, day to day operations or Non-GAAPresults.

Going forward, we remain optimistic about the longer term growth prospects of the combined company as we now have a stronger presence in attractive, growing markets and the right technology to succeed. We continue to make progress towards generating synergies through the integration of Ultratech and have initiated steps to rationalize manufacturing capacity by closing one of the Singapore manufacturing sites. We expect to complete this initiative by the end of Q1 2019 and anticipate approximately $2 million in annualized savings,” Mr. Peeler concluded.

GUIDANCE:

Veeco Instruments sees FY2018 EPS of $0.03-$0.13, versus the consensus of $0.21. Veeco Instruments sees FY2018 revenue of $130-140 million, versus the consensus of $160.33 million.

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