Q1 revenues for Veeco 21 percent down
Process equipment firm Veeco Instruments has announced financial results for its Q1 2016, ended March 31, 2016. Revenues of $78 million were down 21 percent compared with the same period last year.
"Although business conditions remain challenging, Veeco executed well in the first quarter. We achieved revenue at the high end of our guided range; expanded non-GAAP gross margin to nearly 42 percent, as well as exceeded expectations for adjusted EBITDA and earnings per share," commented John R. Peeler, chairman and CEO.
"LED industry conditions remain weak. As we navigate this challenging environment, we are assessing our cost structure to align with the current business outlook while positioning the company for future growth.
"We are prioritising investments in areas that offer meaningful growth. We're focused on qualifying our Precision Surface Processing (PSP) systems for additional Advanced Packaging applications and have made progress in our customer engagements for Through Silicon Via (TSV) applications.
"We are also leveraging our expertise in MOCVD to capture emerging opportunities for GaN based power devices and to strengthen our position for Arsenic Phosphide applications including automotive lighting. These efforts support our strategy to enhance growth and improve the stability of our revenue stream," Peeler concluded.
Guidance and Outlook
For Veeco's second quarter 2016, revenue is expected to be in the range of $70 million to $83 million. Adjusted EBITDA (loss) is expected to be in the range of ($6) million to breakeven. GAAP earnings (loss) per share are expected to be in the range of ($0.59) to ($0.44). Non-GAAP earnings (loss) per share are expected to be in the range of ($0.29) to ($0.14)