News: Suppliers
18 March 2020
Veeco withdraws Q1 guidance following California’s ‘shelter-in-place’ COVID-19 restrictions on San Jose operations till 7 April
Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA says that, as the worldwide COVID-19 (coronavirus) outbreak continues to spread, it has taken precautions to protect employees and visitors while minimizing the risk of disruption to its business, where possible.
On 16 March, several California counties issued a ‘shelter-in-place’ directive related to the COVID-19 virus which has rendered Veeco’s San Jose facility and possibly the facilities of certain customers unable to operate until 7 April. Veeco says that these government directives may impact its ability to meet its first-quarter 2020 guidance.
As a result, given the additional uncertainty and disruptions to Veeco and possibly to certain customers, the firm is withdrawing its first-quarter guidance, previously provided on 13 February, which was based on best known information at the time.
Veeco notes that it continues to monitor what it describes as a dynamic situation and expects to provide a further update during its first-quarter 2020 earnings conference call.
Veeco’s revenue rebounds in Q4, as cost cutting yields a second quarter of profit
