Veeco Instruments (NASDAQ: VECO) reported Q2 EPS of $0.11, $0.04 better than the analyst estimate of $0.07. Revenue for the quarter came in at $98.6 million versus the consensus estimate of $97.83 million.

Second Quarter 2020 Highlights:

• Revenues of $98.6 million, compared with $97.8 million in the same period last year
• GAAP net loss of $8.3 million, or $0.17 loss per diluted share
• Non-GAAP net income of $5.5 million, or $0.11 per diluted share

“Despite the pandemic, we have been executing well thanks to our dedicated global team. All of our sites have been operating at or near normal capacity throughout the quarter,” commented William J. Miller, Ph.D., Chief Executive Officer.

“We have strong customer engagements across multiple product lines and have a healthy backlog. Our Scientific and Industrial market continues to perform well driven by sales to our data storage customers,” continued Dr. Miller. “We again posted solid financials driving Non-GAAP profitability and strong cashflow from operations contributing to significant improvements in year over year profitability. Overall, we believe our transformation is delivering financial results and we are optimistic about the second half of the year.”

GUIDANCE:

Veeco Instruments sees Q3 2020 EPS of $0.10-$0.26, versus the consensus of $0.16. Veeco Instruments sees Q3 2020 revenue of $100-120 million, versus the consensus of $110.95 million.

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

• Revenue is expected in the range of $100 million to $120 million
• GAAP earnings (loss) per share is expected in the range of ($0.12) to $0.04
• Non-GAAP earnings per share are expected in the range of $0.10 to $0.26

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