Veeco Instruments Inc. Updates Financial Guidance for Q4 and Full Year 2024

Veeco Instruments updates 2024 financial guidance, projecting revenue of $710-$720 million and revised EPS estimates.

Quiver AI Summary

Veeco Instruments Inc. has revised its financial guidance for the fourth quarter and full year of 2024, anticipating fourth-quarter revenues between $175 million and $185 million, which is an increase from previous estimates. The full year revenue is expected to be in the range of $710 million to $720 million. The company projects GAAP diluted earnings per share for Q4 to be between $0.09 and $0.28, with Non-GAAP earnings expected between $0.36 and $0.44. Full year GAAP earnings per share are forecasted between $1.07 and $1.26, while Non-GAAP figures are expected to range from $1.69 to $1.76. These adjustments factor in a net impact related to the company's Silicon Carbide Epitaxy technology not meeting market expectations, including both potential expenses and benefits. Actual results may vary from these forecasts, and management is set to present further details at an upcoming investor conference.

Potential Positives

• Veeco Instruments Inc. has raised its revenue guidance for Q4 2024 to a range of $175 to $185 million, indicating a positive outlook compared to the prior guidance of $165 to $185 million.
• The forecast for full-year 2024 revenue is expected to be between $710 to $720 million, demonstrating anticipated growth for the company.
• Non-GAAP diluted earnings per share for Q4 2024 is expected to be between $0.36 to $0.44, which is an improvement from the previous guidance range, reassuring investors about profitability.
• Veeco's management is actively engaging with investors through upcoming presentations, which can enhance investor confidence and share visibility.

Potential Negatives

• Updated financial guidance reflects a decrease in expected earnings per share compared to prior guidance, indicating potential challenges in profitability.
• The net impact on Q4 2024 GAAP Net Income is uncertain, with a wide range of $9 million expense to a $4 million benefit, raising concerns about financial stability.
• The company acknowledges that market penetration for its Silicon Carbide Epitaxy technology is not meeting expectations, suggesting possible weaknesses in product performance or market demand.

FAQ

What is Veeco's updated revenue guidance for Q4 2024?

Veeco expects revenue for Q4 2024 to be between $175 to $185 million.

What are Veeco's projected GAAP earnings per share for Q4 2024?

GAAP diluted earnings per share for Q4 2024 is expected to be between $0.09 and $0.28.

How much is the expected revenue for the full year 2024?

The full year 2024 revenue is now expected to be in the range of $710 to $720 million.

What impact will Silicon Carbide Epitaxy technology have on Q4 2024 earnings?

The net impact is projected to be a $9 million expense to a $4 million benefit due to market penetration challenges.

Where can I watch Veeco's presentation at the Needham Growth Conference?

The presentation will be broadcast live and can be accessed on the investor relations section of Veeco's website.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$VECO Insider Trading Activity

$VECO insiders have traded $VECO stock on the open market 6 times in the past 6 months. Of those trades, 0 have been purchases and 6 have been sales.

Here’s a breakdown of recent trading of $VECO stock by insiders over the last 6 months:

• JOHN P KIERNAN (SVP & CHIEF FINANCIAL OFFICER) has traded it 6 times. They made 0 purchases and 6 sales, selling 15,000 shares.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$VECO Hedge Fund Activity

We have seen 143 institutional investors add shares of $VECO stock to their portfolio, and 134 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• INVESCO LTD. removed 1,677,839 shares (-82.3%) from their portfolio in Q3 2024
• CHANNING CAPITAL MANAGEMENT, LLC added 1,512,544 shares (+382.1%) to their portfolio in Q3 2024
• DRIEHAUS CAPITAL MANAGEMENT LLC removed 1,458,288 shares (-100.0%) from their portfolio in Q3 2024
• WASATCH ADVISORS LP added 883,815 shares (+50.3%) to their portfolio in Q3 2024
• VOYA INVESTMENT MANAGEMENT LLC removed 616,544 shares (-95.7%) from their portfolio in Q3 2024
• NUVEEN ASSET MANAGEMENT, LLC removed 514,990 shares (-61.5%) from their portfolio in Q3 2024
• NEUMEIER POMA INVESTMENT COUNSEL LLC removed 487,825 shares (-40.0%) from their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

PLAINVIEW, N.Y., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) today has updated its financial guidance for the fourth quarter and full year 2024.

We expect revenue for the fourth quarter of 2024 between $175 to $185 million, compared to our prior guidance of $165 to $185 million. Full year 2024 revenue is now expected in the range of $710 to $720 million. GAAP diluted earnings per share for the fourth quarter of 2024 is expected to be between $0.09 and $0.28, compared to our prior guidance of $0.18 to $0.27, while Non-GAAP diluted earnings per share is expected between $0.36 to $0.44, compared to our prior guidance of $0.35 to $0.45. Full year 2024 GAAP diluted earnings per share is expected in the range of $1.07 to $1.26, while Non-GAAP diluted earnings per share is expected in the range of $1.69 to $1.76.

Reflected in the above guidance is a net impact on our Q4 2024 GAAP Net Income between a $9 million expense to a $4 million benefit related to our market penetration not meeting expectations associated with our Silicon Carbide Epitaxy technology acquired in 2023. This net impact includes non-cash impairments related to acquired intangible assets, offset by a gain from a reduction in the contingent consideration related to the acquisition, as well as estimated tax benefits. Please see below for a reconciliation of our GAAP to non-GAAP revised guidance ranges.

Our estimated and unaudited consolidated financial data is preliminary and was prepared by us in good faith based upon internal reporting for the three months and year ended December 31, 2024. Other than items described in the preceding paragraph, we have not identified any unusual or unique events or trends that occurred during the period which might materially affect these estimates. Actual results may still be outside of the ranges provided.

Veeco’s management is scheduled to meet with investors and present at the 27th Annual Needham Growth Conference later today. The presentation will be broadcast live at 1:30 PM ET and can be accessed on the investor relations section of Veeco's website at


ir.veeco.com


.

About Veeco



Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

Forward-looking Statements



This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections, and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections, and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this press release.

2024 Guidance GAAP to Non-GAAP Reconciliations

Note: Amounts may not calculate precisely due to rounding.

The above table includes financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; amortization of acquired intangible assets; and certain other non-operating gains and losses, as well as the related tax effects.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

Veeco Contacts:



Investors: Anthony Pappone | (516) 500-8798 |


apappone@veeco.com




Media: Brenden Wright | (410) 984-2610 |


bwright@veeco.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.