Veeco reports 21 percent revenue increase
Deposition equipment company Veeco Instruments has announced financial results for Q4 and fiscal year ended December 31, 2015. Revenues of $106.5 million in Q4 were down 6 percent compared to the same period last year, however for the full year, revenues were $477.0 million, up 21 percent compared to 2014.
John R. Peeler, chairman and CEO said: "We ended 2015 on a positive note, delivering solid Q4 revenue and adjusted EBITDA and exceeding the high end of our guidance range for gross margin. Q4 bookings doubled sequentially to $107 million, bolstered by record-level orders for our Precision Surface Processing (PSP) products. PSP has enabled us to significantly expand our footprint in the RF and MEMS markets and also gain entry into the high growth Advanced Packaging space. With focus and execution, we exceeded our 2015 revenue plans for PSP which contributed to annual revenue growth of 21 percent for the company."
"Entering 2016, we continue to face a weak macro-economic environment and challenging LED industry conditions. As a result, we expect investments for MOCVD equipment will remain soft through the first half of this year.
"During this time, we continue to strengthen our product portfolio and recently introduced the TurboDisc K475iTM MOCVD reactor to complement our industry leading EPIKTM 700 MOCVD product. We remain focused on positioning the Company for long term growth and are encouraged by our prospects," Peeler concluded.
Guidance and Outlook
For Veeco's first quarter 2016: revenue is expected to be in the range of $70 million to $80 million; adjusted EBITDA (loss) is expected to be in the range of ($9) million to ($5) million; GAAP earnings (loss) per share are expected to be in the range of ($0.62) to ($0.52); and non-GAAP earnings (loss) per share are expected to be in the range of ($0.35) to ($0.25).
