Veeco Instruments Inc. (VECO) Monday reported fourth-quarter net income of $20.3 million or $0.52 per share, compared to $197.2 million or $4.70 per share last year.
On an adjusted basis, profit for the quarter dropped to $28.1 million or $0.72 per share from $73.5 million or $1.75 per share last year.
On average, 20 analysts polled by Thomson Reuters expected earnings of $0.68 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter dropped to $191.7 million from $299.8 million last year. Wall Street analysts on a consensus estimated revenues of $193.39 million for the quarter.
Looking forward to the first quarter of 2012, the company expects earnings in a range of $0.04 to $0.25 per share, adjusted earnings of $0.13 to $0.34 per share, and revenues of $115 million to $140 million.
Analysts currently estimate earnings of $0.41 per share on revenues of $153.90 million for the first quarter.
For the full year 2012, the company currently expect revenues in the range of $500 million to $600 million. Analysts currently estimate revenues of $620.02 million.
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