Strong start for Veeco
Q1 results show strong sequential and year-over-year revenue growth
Veeco Instruments has announced financial results for its first quarter ended March 31, 2018. Highlights include: revenues of $158.6 million, compared with $94.5 million in the same period last year; GAAP net loss of $15.8 million, or $0.34 loss per share; and non-GAAP net income of $9.2 million, or $0.20 per diluted share
"2018 is off to a great start with strong sequential and year-over-year revenue growth. Our Non-GAAP gross margin, operating income, net income and EPS all exceeded our guided ranges," commented John R. Peeler, chairman and CEO. "Sales growth in the first quarter was driven primarily by shipments of our lithography systems into the advanced packaging market, and shipments of MOCVD systems for LED applications.
"As we work towards our goal of being a more diversified company, we are pleased to see orders grow in the Front-End Semi and Advanced Packaging, MEMS & RF Filter markets," continued Peeler. "Our Ultratech integration is also proceeding well and we remain encouraged with Veeco's growth prospects ahead."
Guidance and Outlook
The following guidance is provided for Veeco's second quarter 2018:
Revenue is expected in the range of $145 million to $170 million; non-GAAP operating income is expected in the range of $2 million to $11 million; GAAP earnings (loss) per share are expected in the range of ($0.45) to ($0.26); non-GAAP earnings (loss) per share are expected in the range of $0.01 to $0.20.
