Strong Q1 for Veeco
Revenues were $133.7 million, compared with $104.5 million in the same period last year
Veeco Instruments has announced financial results for its first quarter ended March 31, 2021. Results are reported in accordance with GAAP and are also reported adjusting for certain items (Non-GAAP).
Revenues were $133.7 million, compared with $104.5 million in the same period last year. GAAP net income was $2.5 million, or $0.05 per diluted share, compared with a loss of $0.6 million, or $0.01 loss per diluted share in the same period last year. Non-GAAP net income of $12.6 million, or $0.25 per diluted share, compared with $10.9 million, or $0.22 per diluted share in the same period last year
“Veeco started off the year strong by delivering solid first quarter results. We improved revenue and profitability year-on-year as we continued to invest for growth,” commented William J. Miller, CEO. “Revenue in the quarter was driven by our semiconductor and data storage products and we are on track to grow in 2021.”
“We are also making progress toward our long-term growth by actively engaging with customers in the semiconductor and compound semiconductor markets. We shipped multiple evaluation systems to leading device manufacturers as part of our strategy to penetrate targeted high-growth markets. Additionally, construction is well underway at our new San Jose manufacturing facility to better meet the demands of our semiconductor customers.”
Guidance and Outlook
The following guidance is provided for Veeco’s second quarter 2021: revenue is expected in the range of $125 million to $145 million, GAAP diluted earnings (loss) per share are expected in the range of $(0.06) to $0.11, non-GAAP diluted earnings per share are expected in the range of $0.17 to $0.35