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Veeco results: a year of transformation

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Q4 revenues of $138.9M compared with $113.2M last year and losses down to $0.1M

Veeco Instruments has announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

Revenues were $138.9 million compared with $113.2 million in the same period last year. GAAP net loss was $0.1 million, or $(0.00) per diluted share, compared with a loss of $32.9 million, or $0.69 loss per diluted share in the same period last year

Non-GAAP net income was $15.0 million, or $0.30 per diluted share, compared with $5.4 million, or $0.11 per diluted share in the same period last year.

“Our year-over-year financial performance dramatically improved in 2020 and we are proud to conclude this remarkable year of transformation by delivering solid fourth quarter results. These fourth quarter results were driven primarily by system sales in support of semiconductor advanced-node manufacturing, as well as compound semiconductor system sales for 5G RF applications,” commented William J. Miller, CEO.

“We enter 2021 with healthy backlog, strong customer engagements and overall positive momentum. We look forward to executing our near-term growth strategy driven in large part by our laser annealing, 5G RF and data storage applications.”

Guidance and Outlook

The following guidance is provided for Veeco’s first quarter 2021: revenue is expected in the range of $115 million to $135 million; GAAP diluted earnings (loss) per share are expected in the range of $(0.09) to $0.09; and non-GAAP diluted earnings per share are expected in the range of $0.12 to $0.30.

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