Veeco Instruments (VECO) Tops Q1 EPS by 11c

Veeco Instruments (NASDAQ: VECO) reported Q1 EPS of ($0.15), $0.11 better than the analyst estimate of ($0.26). Revenue for the quarter came in at $78 million versus the consensus estimate of $76.17 million.

"Although business conditions remain challenging, Veeco executed well in the first quarter. We achieved revenue at the high end of our guided range; expanded non-GAAP gross margin to nearly 42%, as well as exceeded expectations for adjusted EBITDA and earnings per share," commented John R. Peeler, Chairman and Chief Executive Officer.

"LED industry conditions remain weak. As we navigate this challenging environment, we are assessing our cost structure to align with the current business outlook while positioning the company for future growth.

"We are prioritizing investments in areas that offer meaningful growth. We're focused on qualifying our Precision Surface Processing ("PSP") systems for additional Advanced Packaging applications and have made progress in our customer engagements for Through Silicon Via ("TSV") applications. We are also leveraging our expertise in Metal Organic Chemical Vapor Deposition ("MOCVD") to capture emerging opportunities for Gallium-Nitride ("GaN") based power devices and to strengthen our position for Arsenic Phosphide applications including automotive lighting. These efforts support our strategy to enhance growth and improve the stability of our revenue stream," Mr. Peeler concluded.

GUIDANCE:

Veeco Instruments sees Q2 2016 EPS of ($0.29)-($0.14), versus the consensus of ($0.16). Veeco Instruments sees Q2 2016 revenue of $70-83 million, versus the consensus of $87 million.

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

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