Veeco Reports Mixed Q3
Veeco Instruments has announced financial results for its third quarter ended September 30, 2018. Results are reported in accordance with US generally accepted accounting principles and are also reported adjusting for certain items. A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
“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,” commented William J. Miller, CEO.
“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,” Miller concluded.
Guidance and Outlook
The following guidance is provided for Veeco's fourth quarter 2018:
Revenue is expected in the range of $85 million to $105 million; GAAP net income (loss) is expected in the range of ($26) million to ($19) million; GAAP earnings (loss) per diluted share are expected in the range of ($0.56) to ($0.40); Non-GAAP operating income (loss) is expected in the range of ($10) million to ($3) million; and non-GAAP earnings (loss) per diluted share are expected in the range of ($0.25) to ($0.09).