Veeco Sees Robust Demand in China

 

(Image: Veeco)


Veeco 3Q17 revenue (ended September 30)  stood at USD 131.9 million with growth of 54.2% YoY or 14.6% QoQ, compared with USD 85.5 million in the same period in 2016 and USD 115.1 million in 2Q17. GAAP Net loss came at USD 21.9 million and diluted loss per share USD 0.47, in comparison to a loss of USD 69.6 million and diluted loss per share of USD 1.78 in the prior year.

John Peeler, chairman and CEO of Veeco, explained the quarter marked the first full quarter of Veeco and Ultratech on a combined basis. Increased shipments of Veeco’s MOCVD systems and PSP compounds drove the sales in Q3 and backlog has continued to build. In Q3, Veeco also launched a new system, the EPIK 868, which enables cost reduction and more productivity.

“The integration of Ultratech into Veeco is proceeding extremely well with many key milestones now behind us, including the complete integration of our sales and support organizations,” said Peeler.

“We are seeing robust demand in China for our MOCVD systems, we are also seeing increased competition. As a result, we are seeing some pricing pressure which will impact our gross margin,” added Peeler. “Bookings grew by more than 30% sequentially to reach USD 162 million in Q3. Backlog growth was driven by multiple system orders from LED manufacturers in Asia and Europe.”

Sam Maheshwari, Executive Vice President and CFO, said the main drivers of Q3 bookings growth was the increase in the LED lighting display and compound semi markets where Veeco earned an amount of system orders from LED makers in China, Korea, and Europe.

For the guidance and outlook for the fourth quarter of 2017, Veeco expects a revenue amounting in the range of USD 135 million and USD 155 million. GAAP net loss is projected to be in the range of (USD 15) million and (USD 8) million.

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