Veeco Q3 Revenues Increase

Veeco Instruments has announced financial results for its third quarter ended September 30, 2020.

Revenues were $112.1 million, compared with $109.0 million in the same period last year. GAAP net income was $0.6 million, or $0.01 per diluted share, compared with a loss of $11.8 million, or $0.25 loss per diluted share in the same period last year

Non-GAAP net income was $11.0 million, or $0.22 per diluted share, compared with $2.6 million, or $0.05 per diluted share in the same period last year.

“I am proud of the Veeco team for achieving another quarter of solid performance. While maintaining all health and safety measures, we continue to operate at normal capacity,” commented William J. Miller, CEO

“We are pleased with our advancing profitability in the quarter which was driven by our ion beam technologies sold into the Data Storage market. Our non-GAAP operating income improved significantly year-on-year, demonstrating the early effectiveness of our transformation. Given our visibility, we expect continued strength in our overall business and feel confident about our future performance,” continued Miller.

“We began to deliver evaluation systems in support of our longer term growth strategy in the semiconductor and compound semiconductor markets and we expect these initiatives to contribute to our growth in 2022 and beyond.”

Guidance and Outlook

The following guidance is provided for Veeco's fourth quarter 2020: Revenue is expected in the range of $120 million to $135 million, GAAP earnings per share are expected in the range of $0.02 to $0.17, and non-GAAP earnings per share are expected in the range of $0.22 to $0.37.

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