Veeco Q4 results: a strong finish to a challenging year

Veeco Q4 results: a strong finish to a challenging year »

Gross margins increased for the third consecutive year

Veeco Instruments has announced financial results for its fourth quarter and fiscal year ended December 31, 2016.

Highlights for the quarter are revenues of $93.6 million, GAAP net loss per share of $0.13, and non-GAAP earnings per share of $0.09. Non-GAAP adjusted EBITDA was $6.2 million. Full year 2016 highlights are revenues of $332.5 million, GAAP net loss per share of $3.11, and Non-GAAP net loss per share of $0.29. Non-GAAP adjusted EBITDA of $4.2 million

"Veeco's fourth quarter financial results marked a strong finish to a challenging year. Revenues increased by 9 percent and adjusted EBITDA more than doubled sequentially over the prior quarter. 

"We improved gross margins for the third consecutive year, delivering on our objective to achieve gross margins of 40 percent or better. Our performance demonstrates solid operational execution and underscores our focus on improving through-cycle profitability," commented John R. Peeler, chairman and CEO.

"Entering 2017, we are seeing healthy LED industry dynamics and positive business momentum. We closed an exclusive, multi-year agreement with Osram Opto Semiconductors to supply MOCVD and Precision Surface Processing (PSP) systems for their new high volume LED production facility in Kulim.

“We made significant progress in growing our Advanced Packaging business, increasing sales into the Advanced Packaging, MEMS & RF markets by ~10 percent year over year.

“In addition, our recently announced agreement to acquire Ultratech will establish Veeco as a leading equipment supplier to the Advanced Packaging industry. We are excited by this proposed combination, which is expected to increase our scale, diversify our revenue and provide a stable platform to drive long-term shareholder value. The transaction is subject to regulatory clearance and approval by Ultratech's stockholders and is expected to close in the second quarter," Peeler concluded.

Guidance and Outlook

For Veeco's first quarter 2017, revenue is expected to be in the range of $85 million to $100 million, adjusted EBITDA is expected to be in the range of $5 million to $11 million. GAAP earnings (loss) per share are expected to be in the range of ($0.28) to ($0.12) and includes a pre-tax interest expense estimated to be ~$4 million associated with the 2023 Convertible Notes

Non-GAAP earnings per share are expected to be in the range of $0.00 to $0.16 and includes a pre-tax interest expense estimated to be~$2 million associated with the 2023 Convertible Notes

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