Core Insights - Veeco Instruments Inc. has announced that PlayNitride has qualified its Lumina® MOCVD system for the production of next-generation MicroLEDs and has placed an order for two systems for delivery in 2025 [1] - PlayNitride's CEO emphasized the partnership's significance for the commercialization of MicroLED technology across various applications, including wearables, TVs, transparent displays, and automotive [2] - The Lumina system is noted for its best-in-class performance, productivity advantages, and ability to meet market requirements, which are crucial for advancing PlayNitride's technology and cost roadmap [2] Company Overview - Veeco is an innovative manufacturer of semiconductor process equipment, specializing in technologies such as laser annealing, ion beam, CVD, MOCVD, single wafer etch & clean, and lithography [3] - The company holds leading technology positions in the markets it serves, focusing on optimizing performance, yield, and cost of ownership [3]

Core Insights - Veeco Instruments Inc. has announced that PlayNitride has qualified its Lumina® MOCVD system for the production of next-generation MicroLEDs and has placed an order for two systems for delivery in 2025 [1][2] - PlayNitride's CEO emphasized the partnership's significance for the commercialization of MicroLED technology across various applications including wearables, TVs, transparent displays, and automotive [2] - The Lumina system is noted for its best-in-class performance, productivity advantages, and ability to meet market requirements, which are crucial for advancing PlayNitride's technology and cost roadmap [2] Company Overview - Veeco is a manufacturer of semiconductor process equipment, specializing in technologies such as laser annealing, ion beam, CVD, MOCVD, and lithography, which are essential for the fabrication and packaging of advanced semiconductor devices [3] - The Lumina system utilizes Veeco's TurboDisc technology, which provides excellent thickness and compositional uniformity, low defectivity, and high throughput, making it suitable for high-volume manufacturing [2][3] - The system supports the deposition of high-quality arsenic phosphide epitaxial layers on wafers up to eight inches in diameter, allowing for customization to maximize value in producing IR-LEDs, Edge-Emitting Lasers, VCSELs, and Solar Cells [2]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 totaled $185 million, up 4% year-over-year and 5% sequentially, exceeding guidance [6][23] - Non-GAAP operating income was $31 million, with non-GAAP EPS at $0.46 [6][25] - Gross margin was approximately 44%, consistent with guidance [25] - Cash and short-term investments increased to $321 million, a sequential rise of $16 million [26] Business Line Data and Key Metrics Changes - Semiconductor business achieved record revenue, accounting for 67% of total revenue, with a 26% year-over-year increase and 13% sequentially [6][23] - Compound semiconductor revenue declined to $16 million, representing 8% of total revenue [23] - Data storage revenue slightly decreased to $33 million, making up 18% of total revenue [23] - Scientific and other segments contributed 7% to total revenue [23] Market Data and Key Metrics Changes - Revenue from Asia Pacific (excluding China) was 33%, while the U.S. accounted for 32% [24] - Revenue from China decreased to 30% due to a decline in semiconductor sales, with expectations to normalize around 33% for the full year [24] Company Strategy and Development Direction - The company is focused on advanced packaging and wet processing systems, which are key growth drivers for the semiconductor business in 2024 and beyond [7][14] - Investments in core technologies are aimed at enabling industry inflections in advanced logic and memory, with expectations to outperform wafer fab equipment (WFE) growth for four consecutive years [15][36] - The company anticipates expanding its serviceable addressable market (SAM) in laser annealing and ion beam deposition, targeting over $1 billion and $350 million respectively [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite near-term headwinds in the data storage business, projecting a reduction in revenue of $60 million to $70 million in 2025 [30][33] - The semiconductor market is expected to grow significantly, driven by AI and high-performance computing, with the company seeing opportunities for revenue growth in 2025 [30][44] - The company is cautious about the Chinese market, expecting a decline in revenue as customers digest capacity, but anticipates a return to normalized rates by late 2025 or 2026 [40][52] Other Important Information - The company has received over $50 million in orders for wet processing systems, primarily driven by AI applications [7][48] - The evaluation program is crucial for penetrating new opportunities in the front-end semiconductor market, with several systems currently under evaluation with Tier-1 customers [20][21] Q&A Session Summary Question: Impact of ASML's forecast on the company - Management indicated that their outlook aligns with ASML's, expecting a similar range of system sales and potential new application wins for revenue growth [38][39] Question: Factors driving the decline in Chinese revenue - The decline is primarily due to moderation in recent customer engagements, with expectations for a return to normalized rates in 2025 [40][41] Question: Guidance for different business segments in 2025 - Management provided qualitative insights, indicating growth in the semiconductor business driven by AI, while expecting a reduction in data storage revenue [42][44] Question: Breakdown of the $50 million orders in wet processing - The orders are primarily from leading foundries and high-bandwidth memory manufacturers, with strong growth anticipated in 2025 [48][49] Question: Expectations for evaluation systems contributing to revenue - Management is optimistic about follow-on orders from evaluation systems in late 2025 and 2026, with several evaluations ongoing [53][56]

Q3 2024 Financial Performance - Veeco's Q3 2024 revenue reached $185 million[5], exceeding the midpoint of the guidance[4] - Non-GAAP operating income for Q3 2024 was $31 million[5] - The diluted non-GAAP EPS for Q3 2024 was $0.46[5] Semiconductor Business - Semiconductor business achieved record revenue, growing 26% year-over-year and 13% sequentially[4] - Veeco received over ~$50 million in orders related to heterogeneous integration and 3D packaging for AI[4] - Semiconductor accounted for 67% of the company's revenue in Q3 2024[8], which equals to $124.1 million[9] Market and Regional Revenue - In Q3 2024, Compound Semiconductor contributed 8% to the total revenue[8], which equals to $15.6 million[9] - Data Storage accounted for 18% of the company's revenue in Q3 2024[8], which equals to $32.8 million[9] - Scientific & Other sectors made up 7% of the revenue in Q3 2024[8], which equals to $12.4 million[9] - Geographically, APAC accounted for 30% of the revenue, while China contributed 33% in Q3 2024[8] Q4 2024 Outlook - The company projects Q4 2024 revenue between $165 million and $185 million[12] - Q4 2024 non-GAAP EPS is expected to be in the range of $0.35 to $0.45[12] FY 2024 Outlook - Updated FY 2024 revenue guidance is $700 million to $720 million[13] - The company anticipates non-GAAP EPS for FY 2024 to be $1.68 to $1.78[13]

分组1 - Veeco Instruments reported quarterly earnings of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, but down from $0.53 per share a year ago, representing an earnings surprise of 2.22% [1] - The company achieved revenues of $184.81 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.67% and up from $177.37 million year-over-year [2] - Over the last four quarters, Veeco has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 6.1% since the beginning of the year compared to the S&P 500's gain of 21.2% [3] - The current consensus EPS estimate for the coming quarter is $0.48 on revenues of $184.5 million, and for the current fiscal year, it is $1.78 on revenues of $714.7 million [7] - The Zacks Industry Rank for Electronics - Manufacturing Machinery is currently in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Viewpoint - Veeco Instruments Inc. is actively engaging with investors through a series of upcoming conferences, showcasing its commitment to transparency and investor relations [1][2]. Group 1: Upcoming Investor Events - Veeco management is scheduled to present at the Oppenheimer 27th Annual Technology, Internet & Communications Conference on August 13, 2024, at 9:05 AM ET, with a virtual presentation available via webcast [1]. - The company will also participate in the 5th Annual Needham Virtual Semiconductor & SemiCap 1x1 Conference on August 22, 2024 [1]. - Additional conferences include the Jefferies Semiconductor, IT Hardware & Communications Technology Summit on August 27, 2024, and the Evercore ISI Semiconductor, IT Hardware & Networking Conference on August 28, 2024, both in Chicago, IL [1]. - Veeco will attend Citi's 2024 Global Technology Conference on September 4, 2024, in New York, NY, and Benchmark's 2024 Tech/Media/Telecom Conference on the same day [1]. Group 2: One-on-One Meetings - Veeco management will be available for one-on-one meetings with investors during these conferences, encouraging interested investors to contact their representatives for scheduling [2]. Group 3: Company Overview - Veeco is an innovative manufacturer of semiconductor process equipment, specializing in technologies such as laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean, and lithography [3]. - The company's equipment is designed to optimize performance, yield, and cost of ownership, positioning Veeco as a leader in the markets it serves [3].

Group 1 - Veeco Instruments Inc. is scheduled to participate in multiple investor events, including the Oppenheimer 27th Annual Technology, Internet & Communications Conference on August 13, 2024, and the Citi's 2024 Global Technology Conference on September 4, 2024 [1][2] - Management will present virtually at the Oppenheimer conference at 9:05 AM ET, and the presentation will be available via webcast [1] - One-on-one meetings with investors will be available during these conferences, and interested investors are encouraged to contact their representatives to secure a meeting time [2] Group 2 - Veeco is an innovative manufacturer of semiconductor process equipment, specializing in technologies such as laser annealing, ion beam, chemical vapor deposition (CVD), and metal organic chemical vapor deposition (MOCVD) [3] - The company's equipment is designed to optimize performance, yield, and cost of ownership, holding leading technology positions in the markets it serves [3]

Veeco Instruments (VECO) came out with quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -4.55%. A quarter ago, it was expected that this precision manufacturing equipment maker would post earnings of $0.41 per share when it actually produced earnings of $0.45, delivering a surprise of 9.76%. Over t ...

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 beginning at 8:00 PM ET that same evening. PLAINVIEW, N.Y., July 16, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) plans to release its second quarter 2024 financial results after the market closes on Tuesday, August 6, 202 ...

Core Insights - The content primarily serves as a general news and publication platform, providing personal analysis and opinions, as well as third-party content for educational and research purposes [1]. Group 1 - The website does not constitute any recommendation or advice for financial actions, including investments or product purchases [1]. - Users are encouraged to perform their own due diligence and consult competent advisors before making financial decisions [1]. - The information provided may not be real-time or accurate, and prices may be sourced from market makers rather than exchanges [1]. Group 2 - The website includes information on cryptocurrencies, CFDs, and other financial instruments, which are complex and carry a high risk of loss [1]. - Users are advised to carefully consider their understanding of these instruments and their ability to afford potential losses [1]. - The platform encourages thorough research before making any investment decisions, particularly in instruments that are not fully understood [1].