Business
Veeco Reports First Quarter 2022 Financial Results
First Quarter 2022 Highlights: Revenues of $156.4 million, compared with $133.7 million in the same period last yearGAAP net income of $13.3 million, or $0.24
About this update from Veeco Instruments Inc.
[{"type":"text","content":"First Quarter 2022 Highlights: Revenues of $156.4 million, compared with $133.7 million in the same period last yearGAAP net income of $13.3 million, or $0.24 per diluted share, compared with $2.5 million, or $0.05 per diluted share in the same period last yearNon-GAAP net income of $21.7 million, or $0.38 per diluted share, compared with $12.6 million, or $0.25 per diluted share in the same period last year PLAINVIEW, N.Y., May 09, 2022 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its first quarter ended March 31, 2022. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release. U.S. Dollars in millions, except per share data 1st Quarter GAAP Results Q1 '22 Q1 '21 Revenue $156.4 $133.7Net income $13.3 $2.5Diluted earnings per share $0.24 $0.05 1st Quarter Non-GAAP Results Q1 '22 Q1 '21 Operating income $24.7 $16.1Net income $21.7 $12.6Diluted earnings per share $0.38 $0.25 “Veeco is experiencing healthy demand for our products and we delivered solid first quarter results above the midpoint of our guidance, with revenue growing 17% from the first quarter last year,” commented Bill Miller, Veeco’s Chief Executive Officer. “Consistent with our growth strategy, sales in both our Semiconductor and Compound Semiconductor markets increased 50% over the same time period.” “While facing industry-wide cost increases and supply chain disruptions related to inbound material lead times, logistics and labor, the Veeco United team is working diligently to meet our customers’ increasing demands. Looking at the full year, we are on pace to deliver on our 2022 revenue target.” Guidance and Outlook The following guidance is provided for Veeco’s second quarter 2022: Revenue is expected in the range of $150 million to $170 millionGAAP diluted earnings per share are expected in the range of $0.05 to $0.19Non-GAAP diluted earnings per share are expected in the range of $0.22 to $0.34 Conference Call Information A conference call reviewing these results has been scheduled for today, May 9, 2022 starting at 5:00pm ET. To join the call, dial 1-888-220-8451 (toll free) or 1-646-828-8193 and use passcod...