Income and revenue up for Veeco
Veeco reports 2021 revenues of $583.3 million, compared with $454.2 million te previous year
Veeco Instruments has announced financial results for its fourth quarter and fiscal year ended December 31, 2021.
Revenues were $153.0 million, compared with $138.9 million in the same period last year. GAAP net income was $8.2 million, or $0.15 per diluted share, compared with a net loss of $0.1 million, or $(0.00) per diluted share in the same period last year. Non-GAAP net income was $22.6 million, or $0.43 per diluted share, compared with $15.0 million, or $0.30 per diluted share in the same period last year.
For the full year, Veeco reports revenues of $583.3 million, compared with $454.2 million last year. GAAP net income was $26.0 million, or $0.49 per diluted share, compared with a net loss of $8.4 million, or $(0.17) per diluted share last year. Non-GAAP net income of $73.6 million, or $1.43 per diluted share, compared with $42.3 million, or $0.86 per diluted share last year
“I am proud of our many accomplishments in 2021,” commented Bill Miller, Veeco’s CEO. “We successfully advanced our product innovation and penetrated new customers, enhanced our service capabilities, increased our manufacturing capacity, improved our capital structure, solidified our governance and commitment to corporate responsibility, and strengthened the Veeco United culture. In September, we announced long-term financial targets and made immediate progress toward those targets with significant revenue and EPS growth in 2021.”
“We had solid results in the fourth quarter with revenue and EPS exceeding the midpoint of our guidance,” continued Miller. “Demand in our semiconductor and compound semiconductor markets is exceptionally strong and we exited 2021 with order momentum, increased backlog and exciting opportunities that will support our growth strategy.”
Guidance and Outlook
Veeco has given the following guidance for the first quarter 2022.
Revenue is expected in the range of $145 million to $165 million, GAAP diluted earnings per share are expected in the range of $0.15 to $0.32, and non-GAAP diluted earnings per share are expected in the range of $0.28 to $0.44.
The guidance takes into account the impact of the adoption of ASU 2020-06, effective January 1, 2022.