Fourth Quarter 2024 Highlights:
- Revenue of $182.1 million, compared with $173.9 million in the same period last year
- GAAP net income of $15.0 million, or $0.26 per diluted share, compared with $21.6 million, or $0.37 per diluted share in the same period last year
- Non-GAAP net income of $24.2 million, or $0.41 per diluted share, compared with $29.8 million, or $0.51 per diluted share in the same period last year
- Revenue of $717.3 million, compared with $666.4 million in the same period last year
- GAAP net income of $73.7 million, or $1.23 per diluted share, compared with GAAP net loss of $30.4 million or $0.56 loss per diluted share in the same period last year
- Non-GAAP net income of $104.3 million, or $1.74 per diluted share, compared with $98.3 million, or $1.69 per diluted share in the same period last year
| U.S. Dollars in millions, except per share data | ||||||||||||||||
| 4th Quarter | Full Year | |||||||||||||||
| GAAP Results | Q4 '24 | Q4 '23 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 182.1 | $ | 173.9 | $ | 717.3 | $ | 666.4 | ||||||||
| Net income (loss) | $ | 15.0 | $ | 21.6 | $ | 73.7 | $ | (30.4 | ) | |||||||
| Diluted earnings (loss) per share | $ | 0.26 | $ | 0.37 | $ | 1.23 | $ | (0.56 | ) | |||||||
| 4th Quarter | Full Year | |||||||||||||||
| Non-GAAP Results | Q4 '24 | Q4 '23 | 2024 | 2023 | ||||||||||||
| Operating income | $ | 27.4 | $ | 32.1 | $ | 116.1 | $ | 109.6 | ||||||||
| Net income | $ | 24.2 | $ | 29.8 | $ | 104.3 | $ | 98.3 | ||||||||
| Diluted earnings per share | $ | 0.41 | $ | 0.51 | $ | 1.74 | $ | 1.69 | ||||||||
Guidance and Outlook
The following guidance is provided for Veeco's first quarter 2025:
- Revenue is expected in the range of $155 million to $175 million
- GAAP diluted earnings per share are expected in the range of $0.11 to $0.22
- Non-GAAP diluted earnings per share are expected in the range of $0.26 to $0.36
A conference call reviewing these results has been scheduled for today, February 12, 2025 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.
About Veeco
Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco's systems and service offerings, visit www.veeco.com.
Forward-looking Statements
This press release contains "forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management's expectations, estimates, projections and assumptions. Words such as "expects,” "anticipates,” "plans,” "believes,” "scheduled,” "estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management's expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
-financial tables attached-
| Veeco Contacts: | |||
| Investors: | Anthony Pappone | (516) 500-8798 | [email protected] |
| Media: | Brenden Wright | (410) 984-2610 | [email protected] |
| Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) | ||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 182,131 | $ | 173,924 | $ | 717,301 | $ | 666,435 | ||||||||
| Cost of sales | 108,146 | 95,269 | 413,296 | 381,376 | ||||||||||||
| Gross profit | 73,985 | 78,655 | 304,005 | 285,059 | ||||||||||||
| Operating expenses, net: | ||||||||||||||||
| Research and development | 30,953 | 29,091 | 124,507 | 112,853 | ||||||||||||
| Selling, general, and administrative | 25,077 | 23,493 | 99,663 | 92,756 | ||||||||||||
| Amortization of intangible assets | 1,580 | 2,123 | 6,983 | 8,481 | ||||||||||||
| Asset impairment | 28,131 | - | 28,131 | - | ||||||||||||
| Other operating expense (income), net | (15,635 | ) | (235 | ) | (22,260 | ) | 1,029 | |||||||||
| Total operating expenses, net | 70,106 | 54,472 | 237,024 | 215,119 | ||||||||||||
| Operating income | 3,879 | 24,183 | 66,981 | 69,940 | ||||||||||||
| Interest income (expense), net | 476 | - | 1,853 | (1,187 | ) | |||||||||||
| Other income (expense), net | - | - | - | (97,091 | ) | |||||||||||
| Income (loss) before income taxes | 4,355 | 24,183 | 68,834 | (28,338 | ) | |||||||||||
| Income tax expense (benefit) | (10,610 | ) | 2,546 | (4,880 | ) | 2,030 | ||||||||||
| Net income (loss) | $ | 14,965 | $ | 21,637 | $ | 73,714 | $ | (30,368 | ) | |||||||
| Income (loss) per common share: | ||||||||||||||||
| Basic | $ | 0.26 | $ | 0.39 | $ | 1.31 | $ | (0.56 | ) | |||||||
| Diluted | $ | 0.26 | $ | 0.37 | $ | 1.23 | $ | (0.56 | ) | |||||||
| Weighted average number of shares: | ||||||||||||||||
| Basic | 56,536 | 55,537 | 56,426 | 53,769 | ||||||||||||
| Diluted | 60,499 | 59,821 | 61,596 | 53,769 | ||||||||||||
| Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 145,595 | $ | 158,781 | ||||
| Restricted cash | 224 | 339 | ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")});
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