Veeco(US:VECO)2025-02-12 21:16Financial Performance - Revenue for Q4 2024 was $182.1 million, a 4.0% increase from $173.9 million in Q4 2023[2] - GAAP net income for Q4 2024 was $15.0 million, or $0.26 per diluted share, compared to $21.6 million, or $0.37 per diluted share in Q4 2023[2] - Non-GAAP net income for Q4 2024 was $24.2 million, or $0.41 per diluted share, down from $29.8 million, or $0.51 per diluted share in Q4 2023[2] - Full year 2024 revenue reached $717.3 million, up 7.6% from $666.4 million in 2023[2] - Full year GAAP net income was $73.7 million, or $1.23 per diluted share, compared to a net loss of $30.4 million, or $0.56 per diluted share in 2023[2] - Non-GAAP net income for the full year 2024 was $104.3 million, or $1.74 per diluted share, compared to $98.3 million, or $1.69 per diluted share in 2023[2] - The company reported a significant tax benefit associated with asset impairments totaling $12,239,000, which positively influenced the net income figures[31] - The diluted net income per common share for Q4 2024 was $0.41, up from $0.51 in Q4 2023, showcasing improved earnings despite the asset impairment[20] - The company recorded a total of $21,637,000 in net income for Q4 2023, which increased to $73,714,000 in FY 2024, demonstrating strong year-over-year growth[25][33] Future Projections - The company expects Q1 2025 revenue to be in the range of $155 million to $175 million[7] - GAAP diluted earnings per share for Q1 2025 are expected to be between $0.11 and $0.22[7] - Non-GAAP diluted earnings per share for Q1 2025 are projected to be between $0.26 and $0.36[7] - Net sales for the three months ending March 31, 2025, are projected to be between $155 million and $175 million[44] - Gross profit is expected to range from $63 million to $72 million, with a gross margin of approximately 41%[44] - Operating income is forecasted to be between $18 million and $25 million, with operating expenses estimated at $47 million to $49 million[44] - Net income is anticipated to be between $16 million and $22 million, resulting in income per diluted common share of $0.26 to $0.36[46] - Non-GAAP operating income is projected to be between $18 million and $25 million, after adjustments for share-based compensation and amortization[47] - The company expects to maintain a basic weighted average of 58 million shares outstanding, with diluted shares increasing to approximately 60 million[46] Operational Efficiency - The company's gross profit for FY 2024 was $304,005,000, with a gross margin of 42.4%, which improved to 43.3% after Non-GAAP adjustments[29] - Non-GAAP operating income for FY 2024 was reported at $116,072,000, compared to $109,574,000 for FY 2023, indicating a positive trend in operational efficiency[42] - The company is focused on growth opportunities in Laser Annealing, Ion Beam Deposition, and Advanced Packaging technologies[2] - Overall, the company is focused on maintaining strong financial performance while managing operating expenses effectively[44] Asset Management - The company experienced an asset impairment of $28,131,000 in Q4 2024, impacting overall financial results[27] - Non-cash interest expense for FY 2024 amounted to $1,257,000, contributing to the overall financial adjustments made in the reporting period[31] - Share-based compensation is estimated at $10 million for the period, contributing to the non-GAAP adjustments[47] - The effective conversion price for the 2027 Convertible Senior Notes is noted as $18.46 for non-GAAP calculations[46] - The company anticipates an income tax expense of $1 million in the upcoming quarter[47]