VEECO’s 3Q18 Revenue Slows Down Due to Tepid Chinese Market

Equipment provider VEECO Instruments announced its financial results for the third quarter of 2018. The results did not reach the company’s guided range because of “broader market softness in China across all of our business,” said VEECO.

VEECO posted a revenue of US$ 126.8 million for 3Q18 with a decrease of 2% YoY. Its GAAP net loss was US$ 9 million or $0.19 loss per diluted share. The company’s consolidated revenue from January to September was US$ 443 million, up by 32% YoY.

(Image: VEECO)

For the fourth quarter of 2018, VEECO expects a revenue range of US$ 85 million to US$ 105 million is expected by VEECO. The company has appointed William J. Miller as the new CEO in October. Commenting on the third quarter results, Miller said, “Third quarter results were mixed with revenue coming in below our guided range due to broader market softness in China across all of our businesses, as well as a US foundry putting its 7nm FinFET program on hold. However, Non-GAAP gross margin was better than guidance and led to Non-GAAP operating income, net income and EPS all coming in at the high end of our guided ranges.”

“We are pleased with our bookings in the Front-End Semiconductor market which included EUV mask blank deposition systems, and a laser spike anneal system order from a market leader in a leading-edge application. We remain encouraged by our growth prospects in compound semiconductor, advanced packaging and front-end semiconductor,” Dr. Miller concluded.

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