Veeco Resumes Operation and Updates 1Q20 Business Estimation; Lumileds Reports Price Increases

Affected by the ongoing COVID-19 pandemic, worldwide businesses continue to update their measures and business outlook in the past weeks. Veeco, who announced withdrawal of its 1Q20 business guidance, provided business update; while LED maker Lumileds reported price increase due to COVID-19.

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MOCVD equipment provider Veeco provided a business update related to COVID-19 and a preliminary estimate of first quarter 2020 revenue. The company withdrew its original guidance for the first quarter of 2020 ending March 31, 2020 due to the possible disruption of operations for Veeco.

Veeco indicated that since its operations are considered part of the critical and essential infrastructure defined by applicable government agencies, the company received permission to maintain manufacturing and supply chain operations during these uncertain times. The updated revenue estimation for 1Q20 is now between US$100 million and US$105 million.

Meanwhile, Lumileds announced a 4% price increase on its LED products, integrated LUXEON solutions, automotive lamps and accessories with a mail sent to its customers, reported EdisonReport.

Lumileds noted that due to the coronavirus epidemic and its impacts on the global macroeconomic environment, the cost increases for transportation, raw materials, components and other inputs have gone beyond the control and it can no longer absorb the extra cost. As a result, a 4% price increase will be applied to all new orders placed on or after April 15, 2020.

Before Lumileds, Signify also announced a temporary price increase of 3% on its LED and lamp products in mid-March.

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