Business
Veeco Reports Second Quarter 2020 Financial Results
Second Quarter 2020 Highlights: Revenues of $98.6 million, compared with $97.8 million in the same period last yearGAAP net loss of $8.3 million, or $0.17
About this update from Veeco Instruments Inc.
[{"type":"text","content":"Second Quarter 2020 Highlights:\n Revenues of $98.6 million, compared with $97.8 million in the same period last yearGAAP net loss of $8.3 million, or $0.17 loss per diluted shareNon-GAAP net income of $5.5 million, or $0.11 per diluted share PLAINVIEW, N.Y., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its second quarter ended June 30, 2020. 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 GAAP Results Q2 '20 Q2 '19Revenue $98.6 $97.8 Net income (loss) $ (8.3) $ (15.6)Diluted earnings (loss) per share $ (0.17) $ (0.33) Non-GAAP Results Q2 '20 Q2 '19Net income (loss) $5.5 $ (3.0)Operating income (loss) $ 8.0 $ (1.6)Diluted earnings (loss) per share $ 0.11 $ (0.06) “Despite the pandemic, we have been executing well thanks to our dedicated global team. All of our sites have been operating at or near normal capacity throughout the quarter,” commented William J. Miller, Ph.D., Chief Executive Officer. “We have strong customer engagements across multiple product lines and have a healthy backlog. Our Scientific and Industrial market continues to perform well driven by sales to our data storage customers,” continued Dr. Miller. “We again posted solid financials driving Non-GAAP profitability and strong cashflow from operations contributing to significant improvements in year over year profitability. Overall, we believe our transformation is delivering financial results and we are optimistic about the second half of the year.” Guidance and Outlook The following guidance is provided for Veeco’s third quarter 2020: Revenue is expected in the range of $100 million to $120 millionGAAP earnings (loss) per share is expected in the range of ($0.12) to $0.04Non-GAAP earnings per share are expected in the range of $0.10 to $0.26 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, August 3, 2020 starting at 4:30pm ET. To join the call, dial 1-800-437-2398 (toll free) or 1-929-477-0577 and use pas...