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11 January 2017

Veeco to report Q4/2016 revenue of $91-95m, up from Q3's $85.5m

In preliminary financial results for fourth-quarter 2016, epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA has announced revenue of $91-95m, down on $106.5m a year ago but up on $85.5m last quarter.

Full-year revenue is $330-334m for 2016, down on $477m for 2015. Specifically, the Lighting, Display & Power Electronics segment has fallen from 61% of total revenue to 41%, while the Advanced Packaging, MEMS & RF segment has risen from 13% to 21%, the Scientific & Industrial segment from 13% to 22%, and the Data Storage segment from 13% to 16%. Correspondingly, by geographical region, the China market has plummeted from 51% to 26% of total revenue, while the USA has risen from 18% to 26%, the Europe, Middle East & Africa (EMEA) from 13% to 25%, and the rest of the world from 18% to 23%.

On a non-GAAP basis, gross margin is 38.5-39.5% for Q4/2016, down from 40.3% last quarter but up from 36.8% a year ago. Full-year gross margin has risen from 38% for 2015 to 41% for 2016.

Operating expenses have been cut further, from $38m a year ago and $34.6m last quarter to $33-34m in Q4/2016 (with R&D expenses cut from $19.3m a year ago to $17-18m, and selling, general & administrative and other expenses cut from $18.7m a year ago to $16m). Full-year operating expenses were cut from $151.6m in 2015 to $144-145m in 2016. This is despite R&D expenses rising from $74.5m to $78-79m, as selling, general & administrative and other expenses were cut from $77.1m to $66m.

Adjusted net income for Q4/2016 is $2-4m ($0.04-0.10 per diluted share), compared with $0.6m ($0.01 per diluted share) a year ago and a net loss of $1.8m ($0.05 per diluted share) last quarter. However, for full-year 2016, Veeco is reporting an adjusted net loss of $12-10m ($0.31-0.25 per diluted share), compared with income of $22.1m ($0.54 per diluted share) in 2015.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for Q4/2016 is $5-7m, up from $2.9m last quarter and $4.4m a year ago. Full-year adjusted EBITDA is $3-5m, down from $41.7m in 2015.

Cash, cash equivalents and short-term investments is estimated to have risen from $337m to $344m during Q4/2016.

Veeco concludes that it expects to record bookings of about $125m for Q4, up 6% on $118m in Q3/2016.

See related items:

Veeco's MOCVD sales double as display backlighting demand stabilizes and LED industry recovers

Veeco reducing investment in ALD technology after revenue realization delayed

Veeco grows gross margin despite revenue falling 9% in Q2 to $75.3m

Veeco's revenue falls 21% in Q1 to $78m

Veeco's Q4 hit by MOCVD push-out, but full-year revenue still up 21%

Veeco launches K475i As/P MOCVD system

Veeco acquires SSEC for $150m

Tags: Veeco MOCVD MBE ALD Wet processing

Visit: www.veeco.com

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