Veeco Q1 Revenues Up
Revenues were $104.5 million compared with $99.4 million in the same period last year
Veeco Instruments has announced financial results for its first quarter ended March 31, 2020. Revenues were $104.5 million, compared with $99.4 million in the same period last year. GAAP net loss was $0.6 million, or $0.01 loss per diluted share. Non-GAAP net income was $10.9 million, or $0.22 per diluted share.
“Our employees around the world have exhibited great professionalism and flexibility as they adapt to working from home or new health and safety measures in our facilities. It is because of their efforts that Veeco has been managing well through the COVID-19 pandemic,” commented William J. Miller, CEO.
“Our supply chain, manufacturing and service operations have been successful in maintaining our ability to source materials, ship products and provide support for our customers with only minor disruptions.”
“Our semiconductor technologies enable a variety of important megatrends that are expected to perform well, such as cloud and high-performance computing, AI and 5G RF,” continued Miller. “In the first quarter, sales were strong in our Data Storage market driven by demand in cloud computing. We improved gross margin and reduced operating expenses, driving solid Non-GAAP EPS. Furthermore, our cash balance, quality of our backlog and the cost reductions we realized over the last several quarters give me confidence in our ability to weather uncertainties we may face.”
Guidance and Outlook
Given the level of uncertainty resulting from the COVID-19 pandemic, Veeco is refraining from providing Q2 guidance.