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Sep 30, 2023
Veeco Q3 2023 Earnings Report
Veeco reported strong top and bottom-line results, exceeding guidance, and made progress in the Semiconductor market with key business wins and the shipment of the first Nanosecond Annealing system to a Tier 1 logic customer.
Key Takeaways
Veeco Instruments Inc. announced its Q3 2023 financial results, reporting revenue of $177.4 million and GAAP net income of $24.6 million, or $0.42 per diluted share. Non-GAAP net income was $31.0 million, or $0.53 per diluted share.
Revenue reached $177.4 million, up from $171.9 million in the same period last year.
GAAP net income was $24.6 million, or $0.42 per diluted share, compared to $15.0 million, or $0.27 per diluted share last year.
Non-GAAP net income amounted to $31.0 million, or $0.53 per diluted share, versus $26.0 million, or $0.45 per diluted share in the prior year.
The company shipped its first Nanosecond Annealing system to a Tier 1 logic customer for evaluation.
Forward Guidance
Veeco provided guidance for the fourth quarter of 2023, with revenue expected in the range of $155 million to $175 million. GAAP diluted earnings per share are projected to be between $0.22 and $0.33, while non-GAAP diluted earnings per share are expected to range from $0.35 to $0.45.
Positive Outlook
- Revenue is expected in the range of $155 million to $175 million
- Gross profit is expected to be between $66 million and $76 million.
- Gross margin is expected to be between 42% and 43%.
- Operating income is expected to be between $14 million and $21 million.
- Net income is projected to be between $13 million and $20 million.
Challenges Ahead
- Operating expenses are expected to be between $53 million and $55 million.
- Share based compensation is expected to be $7 million.
- Amortization is expected to be $2 million.
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