Veeco Beats on Top Line, Misses on the Bottom

LED equipment maker Veeco Instruments (NASDAQ: VECO  ) reported third-quarter results today before the markets opened, showing that it posted net sales of $99.3 million, a plunge of 25% from the same period in the previous year, and well ahead of the $92.5 million Capital IQ consensus estimate.

While adjusted EBITA came in at a loss of $5.1 million, or $0.08 per share, compared to a profit of $14.2 million, or $0.30 per share, in the same period in 2012, it was $0.04-per-share worse than the CapIQ estimates of a $0.04 per share loss.

Veeco says that business was affected by persistent overcapacity, and weak business conditions in its metal organic chemical vapor deposition, or MOCVD, and data storage businesses. Bookings in both units remain weak.

The LED equipment maker didn't provide guidance for the coming quarter, but analysts anticipate Veeco Instruments will break even on earnings in the fourth quarter on revenues of $97.4 million.

Shares of Veeco closed down 1.6% today.


Read/Post Comments (2) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On November 08, 2013, at 11:26 PM, AgeOfRobots wrote:

    You have the ticker symbol for the motion sensor chip maker Invensense attached to Veeco Instruments.

  • Report this Comment On November 09, 2013, at 4:17 AM, TMFCop wrote:

    AgeofRobots,

    Thanks for catching that. I'll get that changed ASAP.

    Rich

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2719876, ~/Articles/ArticleHandler.aspx, 8/20/2014 11:23:22 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement