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Veeco Posts Q2 Results

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Revenues drop and losses shrink compared to the same period last year

Veeco Instruments has announced financial results for its second quarter ended June 30, 2019. Revenues were $97.8 million, compared with $157.8 million in the same period last year. GAAP net loss was $15.6 million, or $0.33 loss per diluted share (compared to $237.6 million in the same period last year, or $5.02 per diluted share). Non-GAAP net loss was $3.0 million, or $0.06 loss per diluted share.

“As demand for cloud storage increases, we continue to see strength in our data storage products with another solid quarter of shipments. In addition, our Front-End Semi market reached its highest revenue level in several years as we shipped our first EUV mask blank system for volume production,” commented William J. Miller, CEO.

“We are also happy to announce we shipped our first beta MOCVD system optimised for photonics applications. This is an important step in our penetration into the arsenide/phosphide MOCVD market with customers focused on VCSELs, edge emitting lasers and ROY LEDs. We continue to work with other customers to place additional systems,” concluded Miller.

Guidance and Outlook

The following guidance is provided for Veeco's third quarter 2019: Revenue is expected in the range of $95 million to $115 million; GAAP loss per share are expected in the range of ($0.40) to ($0.20); non-GAAP earnings (loss) per share are expected in the range of ($0.10) to $0.10.

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