Veeco Beats on Top Line, Misses on the Bottom
LED equipment maker Veeco Instruments reported third-quarter results today before the markets opened, showing that it posted net sales of $99.3 million, a plunge of 25% from the same period in the previous year, and well ahead of the $92.5 million Capital IQ consensus estimate.
While adjusted EBITA came in at a loss of $5.1 million, or $0.08 per share, compared to a profit of $14.2 million, or $0.30 per share, in the same period in 2012, it was $0.04-per-share worse than the CapIQ estimates of a $0.04 per share loss.
Veeco says that business was affected by persistent overcapacity, and weak business conditions in its metal organic chemical vapor deposition, or MOCVD, and data storage businesses. Bookings in both units remain weak.
The LED equipment maker didn't provide guidance for the coming quarter, but analysts anticipate Veeco Instruments will break even on earnings in the fourth quarter on revenues of $97.4 million.
Shares of Veeco closed down 1.6% today.
The article Veeco Beats on Top Line, Misses on the Bottom originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends InvenSense. The Motley Fool owns shares of InvenSense. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.