Veeco reports Q4 and 2023 results
2023 was "a critical year for Veeco", says CEO Bill Miller
Veeco Instruments has announced financial results for its fourth quarter and fiscal year ended December 31, 2023, described by CEO Bill Miller as a "critical year" for the company.
Q4 revenue was $173.9 million, compared with $153.8 million in the same period last year. GAAP net income was $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in the same period last year. Non-GAAP net income was $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in the same period last year
For the fiscal year, revenue was $666.4 million, compared with $646.1 million in the same period last year. GAAP net loss was $30.4 million, or $0.56 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $166.9 million, or $2.71 earnings per diluted share in the same period last year. Non-GAAP net income was $98.3 million, or $1.69 per diluted share, compared with $89.6 million, or $1.57 per diluted share in the same period last year
“2023 was a critical year for Veeco, highlighted by our semiconductor business outperforming WFE growth for the 3rd consecutive year,” commented Bill Miller, , Veeco’s CEO. “I’m proud to say we successfully grew the business, improved profitability, and most importantly, laid the groundwork for future growth. We achieved a significant milestone by shipping evaluation systems for two important core technologies in Nanosecond Annealing and Ion Beam Deposition. These technologies enable our customers to fabricate devices that enable higher performance and reduced power consumption.”
Guidance and Outlook
For Veeco’s first quarter 2024, revenue is expected in the range of $160 million to $180 million; GAAP diluted earnings per share are expected in the range of $0.22 to $0.33; and non-GAAP diluted earnings per share are expected in the range of $0.36 to $0.46.
