Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Lowe's (LOW) is temporarily increasing wages of its employees. The latest move by the hardware retailer is to help its employees cope with the economical effects caused by the ongoing COVID-19 pandemic. The company has hiked salary by $2 per hour for all full-time, part-time, and seasonal hourly associates,... Amazon.com Inc. (AMZN) Founder and CEO Jeff Bezos is donating $100 million to food banks across the U.S. to support poor people who cannot afford food during this coronavirus crisis. Bezos made a $100 million gift to Feeding America, one of the largest U.S. nonprofit focused on food security. Feeding... Facebook on Thursday shared an update on its $100 million small-business grants program announced in March, saying that it will provide $40 million in grants to 10,000 U.S. small businesses that were impacted by the coronavirus pandemic. In March, the social media giant said it is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses.
Follow RTT