Veeco Reports First Quarter 2018 Financial Results

Veeco Instruments Inc (NASDAQ:VECO) announced financial results for its first quarter ended March 31, 2018. The company further announced the guidance for the second quarter where they said the revenue is expected in the range of $145 million to $170 million.

Veeco is expecting a non-GAAP operating income in the range of $2 million to $11 million.

As quoted in the press release:

“2018 is off to a great start with strong sequential and year-over-year revenue growth.  Our Non-GAAP gross margin, operating income, net income and EPS all exceeded our guided ranges,” commented John R. Peeler, Chairman and Chief Executive Officer.  “Sales growth in the first quarter was driven primarily by shipments of our lithography systems into the advanced packaging market, and shipments of MOCVD systems for LED applications.

“As we work towards our goal of being a more diversified company, we are pleased to see orders grow in the Front-End Semi and Advanced Packaging, MEMS & RF Filter markets,” continued Mr. Peeler.  “Our Ultratech integration is also proceeding well and we remain encouraged with Veeco’s growth prospects ahead.”

U.S. Dollars in millions, except per share data
GAAP Results		Q1 ‘18		Q1 ‘17
Revenue		$158.6		$94.5
Net income (loss)		($15.8)		$1.6
Diluted earnings (loss) per share		($0.34)		$0.04
Non-GAAP Results		Q1 ‘18		Q1 ‘17
Net income (loss)		$9.2		$4.2
Operating income (loss)		$11.3		$4.8
Diluted earnings (loss) per share		$0.20		$0.11

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