Veeco Instruments (VECO) Tops Q1 EPS by 2c, Revenues Beat; Offers 2Q EPS/Revenue Outlooks

Veeco Instruments (NASDAQ: VECO) reported Q1 EPS of $0.25, $0.02 better than the analyst estimate of $0.23. Revenue for the quarter came in at $133.7 million versus the consensus estimate of $125.57 million.

First Quarter 2021 Highlights:

• Revenues of $133.7 million, compared with $104.5 million in the same period last year
• GAAP net income of $2.5 million, or $0.05 per diluted share, compared with a loss of $0.6 million, or $0.01 loss per diluted share in the same period last year
• Non-GAAP net income of $12.6 million, or $0.25 per diluted share, compared with $10.9 million, or $0.22 per diluted share in the same period last year

“Veeco started off the year strong by delivering solid first quarter results. We improved revenue and profitability year-on-year as we continued to invest for growth,” commented William J. Miller, Ph.D., Chief Executive Officer. “Revenue in the quarter was driven by our semiconductor and data storage products and we are on track to grow in 2021.”

“We are also making progress toward our long-term growth by actively engaging with customers in the semiconductor and compound semiconductor markets. We shipped multiple evaluation systems to leading device manufacturers as part of our strategy to penetrate targeted high-growth markets. Additionally, construction is well underway at our new San Jose manufacturing facility to better meet the demands of our semiconductor customers.”

GUIDANCE:

Veeco Instruments sees Q2 2021 EPS of $0.17-$0.35, versus the consensus of $0.26. Veeco Instruments sees Q2 2021 revenue of $125-145 million, versus the consensus of $130.21 million.

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

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