Veeco CEO says poor Q1 is part of transition plan
Company reports revenues of $99.4 million compared with $158.6 million in the same period last year
Veeco Instruments has announced financial results for its first quarter ended March 31, 2019.
Revenues were $99.4 million, compared with $158.6 million in the same period last year. GAAP net loss was $18.5 million, or $0.40 loss per diluted share. Non-GAAP net loss was $6.4 million, or $0.14 loss per diluted share
"We are executing according to our plan with Q1 revenue and EPS results above the midpoint of our guided range. Our transition away from the commodity LED business is largely complete and our revenue has stabilised. In addition, we are seeing strength in our data storage and EUV products driven by technology advancements," commented William J. Miller, CEO.
"We also shipped the first ion beam deposition system for EUV mask-blank volume production in April. Looking ahead, we remain confident about growing our top line and returning to profitability," concluded Miller.
Guidance and Outlook
The following guidance is provided for Veeco's second quarter 2019: revenue is expected in the range of $90 million to $110 million; GAAP earnings (loss) per share are expected in the range of ($0.47) to ($0.27); and non-GAAP earnings (loss) per share are expected in the range of ($0.18) to $0.02.
