Veeco: 3Q Earnings Snapshot

Associated Press
Updated ·1 min read

PLAINVIEW, N.Y. (AP) _ Veeco Instruments Inc. (VECO) on Tuesday reported third-quarter net income of $580,000, after reporting a loss in the same period a year earlier.

The Plainview, New York-based company said it had profit of 1 cent per share. Earnings, adjusted for amortization costs and non-recurring costs, came to 22 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.

The precision manufacturing equipment maker posted revenue of $112.1 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $109.7 million.

For the current quarter ending in December, Veeco expects its per-share earnings to range from 22 cents to 37 cents.

The company said it expects revenue in the range of $120 million to $135 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $109.7 million.

Veeco shares have decreased 12% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.92, a decline of nearly 6% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VECO at https://www.zacks.com/ap/VECO