Veeco Instruments, Inc. (VECO) Tops Q1 EPS by 10c

Veeco Instruments, Inc. (NASDAQ: VECO) reported Q1 EPS of ($0.06), $0.10 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $90 million versus the consensus estimate of $89.38 million.

Veeco Instruments, Inc. sees Q2 2014 EPS of ($0.23)-($0.14), versus the consensus of ($0.11). Veeco Instruments, Inc. sees Q2 2014 revenue of $87-97 million, versus the consensus of $96.84 million.

“Veeco’s first quarter top and bottom line performance improved meaningfully from the fourth quarter of last year,” commented John R. Peeler, Chairman and Chief Executive Officer. “We delivered $91 million in revenue, up 24% from the fourth quarter of 2013, driven primarily by an increase in LED & Solar revenue to $71 million ($64 million in MOCVD). First quarter 2014 Data Storage revenues were $20 million, up from $17 million in the fourth quarter of 2013. EBITA loss was $3 million, significantly improved from last quarter’s loss, benefiting from higher volume, an improvement in gross margins to 37%, and lower operating spending. As forecasted, our investments in next generation products and in our growth businesses caused cash to decline modestly during the quarter. Yet our cash and investments balance remains strong at $483 million.”

Peeler continued, “Veeco’s first quarter 2014 orders improved by 21% from the fourth quarter of 2013 to $103 million, the highest level we have reported in nearly two years. This increase was driven by a 59% sequential improvement in MOCVD orders to $83 million, which represents the highest amount booked since the third quarter of 2011. Orders were received from top LED customers throughout Asia and elsewhere.” First quarter 2014 Data Storage and MBE orders each declined from the fourth quarter of 2013, to $15 million and $5 million, respectively.

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

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