Veeco Instruments Inc. (VECO) Releases Quarterly Earnings Results, Beats Estimates By $0.16 EPS
Veeco Instruments Inc. (NASDAQ:VECO) announced its quarterly earnings results on Thursday. The semiconductor company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.16, Bloomberg Earnings reports. Veeco Instruments had a negative net margin of 23.65% and a negative return on equity of 1.33%. The company had revenue of $131.87 million for the quarter, compared to analyst estimates of $134.97 million. During the same quarter in the prior year, the business posted ($0.05) EPS. Veeco Instruments’s quarterly revenue was up 54.3% on a year-over-year basis. Veeco Instruments updated its Q4 guidance to $0.00-0.16 EPS.
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Several research analysts have recently commented on the stock. KeyCorp dropped their price target on shares of Veeco Instruments from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, August 18th. ValuEngine lowered shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. BidaskClub upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Zacks Investment Research lowered shares of Veeco Instruments from a “hold” rating to a “sell” rating in a research note on Saturday, July 22nd. Finally, Needham & Company LLC dropped their price target on shares of Veeco Instruments from $36.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, August 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $29.78.
Veeco Instruments Company Profile
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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