Veeco 3Q report beats analyst views
Veeco Instruments Inc.'s third-quarter results topped analyst estimates Monday, and the company called the period from June through September its best ever.
But shares of Veeco, which makes precision manufacturing equipment for the LED and data storage markets, slipped after hours as the company predicted some revenue slated for the fourth quarter may not come in until early next year.
Veeco earned $91.1 million, or $2.16 per share, for the quarter from continuing operations, compared with breaking even a year earlier.
Excluding one-time items, the company earned $1.46 per share — 20 cents higher than what analysts polled by Thomson Reuters expected.
Veeco said its results did not include the Metrology business it sold to Bruker Corp. in October.
Revenue more than tripled to $277.1 million, helped by orders for LED and solar products, as well as data storage products. Analysts expected $275.2 million in revenue.
For the fourth quarter, Veeco expects to earn $1.96 to $2.35 per share — or $1.46 to $1.74 per share, excluding one-time items — on revenue of $285 million to $320 million.
The company said it is working on orders to send multi-tool shipments to customers in China, but revenue from these orders may spill over into the first quarter.
Analysts expect an adjusted profit of $1.47 per share on $310.5 million in revenue.
Also Monday, Veeco said that it received an order from Taiwan-based Epistar Corp. for equipment used in making LEDs. Veeco did not disclose the financial terms of the order.
Veeco fell $2.78, or 7 percent, to $37.04 in after-hours trading. The stock finished regular trading up 86 cents at $39.94.