Business
Veeco Reports Fourth Quarter and Fiscal Year 2019 Financial Results
Fourth Quarter 2019 Highlights: Revenues of $113.2 million, compared with $99.0 million in the same period last yearGAAP net loss of $32.9 million, or $0.69
About this update from Veeco Instruments Inc.
[{"type":"text","content":"Fourth Quarter 2019 Highlights:\n Revenues of $113.2 million, compared with $99.0 million in the same period last yearGAAP net loss of $32.9 million, or $0.69 loss per diluted shareNon-GAAP net income of $5.4 million, or $0.11 per diluted share PLAINVIEW, N.Y., Feb. 13, 2020 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2019. 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 4th Quarter Full YearGAAP Results Q4 '19 Q4 '18 2019 2018Revenue $113.2 $99.0 $419.3 $542.1 Net income (loss) $(32.9) $(144.7) $(78.7) $(407.1)Diluted earnings (loss) per share $(0.69) $(3.11) $(1.66) $(8.63) 4th Quarter Full YearNon-GAAP Results Q4 '19 Q4 '18 2019 2018Net income (loss) $5.4 $(7.5) $(1.3) $14.2Operating income (loss) $7.4 $(6.9) $5.1 $23.2Diluted earnings (loss) per share $0.11 $(0.16) $(0.03) $0.30 “We executed well on the first phase of our transformation in 2019 by improving gross margins and reducing expenses, leading to a return to profitability in the second half of the year. Our data storage business continued its solid performance. Furthermore, we are positioning the company for long-term growth in the front-end semiconductor, advanced packaging and compound semiconductor markets by executing on our product roadmaps,” commented William J. Miller, Ph.D., Chief Executive Officer. “As we enter 2020, we are focused on optimizing our product portfolio, extending our core technologies into new markets, and further increasing our profitability,” concluded Dr. Miller. Guidance and Outlook The following guidance is provided for Veeco’s first quarter 2020: Revenue is expected to be in the range of $95 million to $120 millionGAAP loss per share is expected to be in the range of ($0.24) to ($0.01)Non-GAAP earnings per share is expected to be in the range of $0.00 to $0.22 Please refer to the tables at the end of this press release for further details. Conference Call Information A conference call reviewing these results has been scheduled for today, February 13, 2020 starting at 4:30p...