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Veeco Instruments Q4 Earnings Tops Street

Veeco Instruments Inc. (VECO) Thursday reported fourth-quarter net loss of $32.9 million or $0.69 per share, compared to $144.7 million or $3.11 per share.

Adjusted profit for the quarter were $5.4 million or $0.11 per share, compared to adjusted loss of $7.5 million or $0.16 per share last year.

Revenues for the quarter rose to $113.2 million from $99.0 million last year.

Analysts polled by Thomson Reuters estimate earnings of $0.08 per share on revenues of $111.08 million.

"We executed well on the first phase of our transformation in 2019 by improving gross margins and reducing expenses, leading to a return to profitability in the second half of the year. Our data storage business continued its solid performance. Furthermore, we are positioning the company for long-term growth in the front-end semiconductor, advanced packaging and compound semiconductor markets by executing on our product roadmaps," commented William J. Miller, Ph.D., Chief Executive Officer.

Looking forward to the first quarter, Veeco expects revenues of $95 million to $120 million and adjusted earnings of $0.00 to $0.22 per share. Analysts currently estimate earnings of $0.10 per share and revenues of $111.52 million.

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