Veeco Instruments (NASDAQ: VECO) reported Q1 EPS of $0.22, $0.16 better than the analyst estimate of $0.06. Revenue for the quarter came in at $104.5 million versus the consensus estimate of $103.41 million.

First Quarter 2020 Highlights:

• Revenues of $104.5 million, compared with $99.4 million in the same period last year
• GAAP net loss of $0.6 million, or $0.01 loss per diluted share
• Non-GAAP net income of $10.9 million, or $0.22 per diluted share

“Our employees around the world have exhibited great professionalism and flexibility as they adapt to working from home or new health and safety measures in our facilities. It is because of their efforts that Veeco has been managing well through the COVID-19 pandemic,” commented William J. Miller, Ph.D., Chief Executive Officer. “Our supply chain, manufacturing and service operations have been successful in maintaining our ability to source materials, ship products and provide support for our customers with only minor disruptions.”

“Our semiconductor technologies enable a variety of important megatrends that are expected to perform well, such as cloud and high-performance computing, AI and 5G RF,” continued Dr. Miller. “In the first quarter, sales were strong in our Data Storage market driven by demand in cloud computing. We improved gross margin and reduced operating expenses, driving solid Non-GAAP EPS. Furthermore, our cash balance, quality of our backlog and the cost reductions we realized over the last several quarters give me confidence in our ability to weather uncertainties we may face.”

Guidance and Outlook

Given the level of uncertainty resulting from the COVID-19 pandemic, Veeco is refraining from providing Q2 guidance.

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