News Article
Veeco quarterly revenues plummet 48%
Although revenues for MOCVD remained flat sequentially, orders were severely afffected in the LED and solar sectors due to the weak macro-economic market
Veeco Instruments has announced its financial results for the second quarter ended June 30, 2012.
John R. Peeler, Veeco’s Chairman and Chief Executive Officer, commented, “Veeco continues to deliver solid results in a soft market. Second quarter revenue was $137 million, and adjusted EBITA and non-GAAP earnings per share were $20 million and $0.37, respectively, with gross margins of 45%. Veeco generated about $19 million in cash flow from operations, ending the quarter with $540 million in cash and short term investments.” Second quarter LED & Solar revenues were $87 million, including $75 million in MOCVD and $12 million in MBE. Data Storage revenues were $50 million.
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“As anticipated, we experienced a challenging bookings environment in Q2, with total orders of approximately $103 million,” continued Peeler. “Across our markets, macro-economic concerns and weakness in TV, PC and consumer electronics sales are delaying customers’ capex purchases.” Veeco’s LED & Solar orders totalled $77 million, with MOCVD flat sequentially at $70 million and MBE declining 50% to $7 million. Data Storage bookings remained weak at $25 million. Veeco’s book-to-bill ratio was 0.75 to 1 and quarter-end backlog, after a $30 million adjustment, was $241 million.
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Third Quarter 2012 Guidance & Outlook
Veeco’s third quarter 2012 revenue is currently forecasted to be between $120 million and $140 million. Earnings per share are currently forecasted to be between $0.12 to $0.29 on a GAAP basis, and $0.22 to $0.38 on a non-GAAP basis.
Peeler commented, “We are executing on our plan to deliver solid profitability in a down revenue year while investing for future growth. At the mid-point of the year, we are tightening our 2012 revenue guidance to between $520 and $560 million. Assuming macro-economic conditions do not worsen, we currently anticipate a gradual order recovery in the second half of 2012.”
He continued, “MOCVD orders appear to be bumping along the bottom and we have not yet seen a meaningful inflection in customer buying. However, utilisation rates are up at key customer facilities in China, Taiwan and Korea, and we have seen a pick-up in quoting activity as customers plan future capacity expansions to ensure their position in LED lighting for 2013 and beyond. We continue to win in the market due to our low cost of ownership solutions that drive customers’ yield and productivity, most recently through our new TurboDisc ‘M’ and ‘HP’ product suite
John R. Peeler, Veeco’s Chairman and Chief Executive Officer, commented, “Veeco continues to deliver solid results in a soft market. Second quarter revenue was $137 million, and adjusted EBITA and non-GAAP earnings per share were $20 million and $0.37, respectively, with gross margins of 45%. Veeco generated about $19 million in cash flow from operations, ending the quarter with $540 million in cash and short term investments.” Second quarter LED & Solar revenues were $87 million, including $75 million in MOCVD and $12 million in MBE. Data Storage revenues were $50 million.
“As anticipated, we experienced a challenging bookings environment in Q2, with total orders of approximately $103 million,” continued Peeler. “Across our markets, macro-economic concerns and weakness in TV, PC and consumer electronics sales are delaying customers’ capex purchases.” Veeco’s LED & Solar orders totalled $77 million, with MOCVD flat sequentially at $70 million and MBE declining 50% to $7 million. Data Storage bookings remained weak at $25 million. Veeco’s book-to-bill ratio was 0.75 to 1 and quarter-end backlog, after a $30 million adjustment, was $241 million.
Third Quarter 2012 Guidance & Outlook
Veeco’s third quarter 2012 revenue is currently forecasted to be between $120 million and $140 million. Earnings per share are currently forecasted to be between $0.12 to $0.29 on a GAAP basis, and $0.22 to $0.38 on a non-GAAP basis.
Peeler commented, “We are executing on our plan to deliver solid profitability in a down revenue year while investing for future growth. At the mid-point of the year, we are tightening our 2012 revenue guidance to between $520 and $560 million. Assuming macro-economic conditions do not worsen, we currently anticipate a gradual order recovery in the second half of 2012.”
He continued, “MOCVD orders appear to be bumping along the bottom and we have not yet seen a meaningful inflection in customer buying. However, utilisation rates are up at key customer facilities in China, Taiwan and Korea, and we have seen a pick-up in quoting activity as customers plan future capacity expansions to ensure their position in LED lighting for 2013 and beyond. We continue to win in the market due to our low cost of ownership solutions that drive customers’ yield and productivity, most recently through our new TurboDisc ‘M’ and ‘HP’ product suite
