Veeco Instruments Inc. (VECO) Updates Q4 Earnings Guidance
Veeco Instruments Inc. (NASDAQ:VECO) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.00-0.16 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.17. The company issued revenue guidance of $135-155 million, compared to the consensus revenue estimate of $146.60 million.
Veeco Instruments (NASDAQ:VECO) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported ($0.07) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.03. Veeco Instruments had a negative net margin of 23.65% and a negative return on equity of 1.33%. The company had revenue of $115.07 million for the quarter, compared to the consensus estimate of $110.87 million. During the same period in the prior year, the firm posted ($0.19) EPS. The company’s quarterly revenue was up 52.7% compared to the same quarter last year.
VECO has been the subject of several research analyst reports. BidaskClub upgraded shares of Veeco Instruments from a sell rating to a hold rating in a report on Thursday, July 13th. Stifel Nicolaus restated a buy rating and issued a $38.00 target price (up previously from $36.00) on shares of Veeco Instruments in a report on Friday, July 21st. Zacks Investment Research cut shares of Veeco Instruments from a hold rating to a sell rating in a report on Saturday, July 22nd. Deutsche Bank AG cut shares of Veeco Instruments from a buy rating to a hold rating and lowered their target price for the company from $35.00 to $30.00 in a report on Friday, August 4th. Finally, KeyCorp lowered their target price on shares of Veeco Instruments from $34.00 to $31.00 and set an overweight rating for the company in a report on Friday, August 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $30.89.
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About Veeco Instruments
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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