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Veeco Q1 revenue increases

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Company has seen revenue growing 17 percent from the first quarter last year

Veeco Instruments has announced financial results for its first quarter ended March 31, 2022, with revenues of $156.4 million, compared with $133.7 million in the same period last year.

GAAP net income was $13.3 million, or $0.24 per diluted share, compared with $2.5 million, or $0.05 per diluted share in the same period last year. Non-GAAP net income was $21.7 million, or $0.38 per diluted share, compared with $12.6 million, or $0.25 per diluted share in the same period last year

“Veeco is experiencing healthy demand for our products and we delivered solid first quarter results above the midpoint of our guidance, with revenue growing 17 percent from the first quarter last year,” commented Bill Miller, Veeco’s CEO. “Consistent with our growth strategy, sales in both our semiconductor and compound semiconductor markets increased 50 percent over the same time period.”

“While facing industry-wide cost increases and supply chain disruptions related to inbound material lead times, logistics and labor, the Veeco United team is working diligently to meet our customers’ increasing demands. Looking at the full year, we are on pace to deliver on our 2022 revenue target.”

Guidance and Outlook

The following guidance is provided for Veeco’s second quarter 2022: Revenue is expected in the range of $150 million to $170 million; GAAP diluted earnings per share are expected in the range of $0.05 to $0.19; and non-GAAP diluted earnings per share are expected in the range of $0.22 to $0.34.

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