Veeco Instruments Beats on Both Top and Bottom Lines
Veeco Instruments (NAS: VECO) reported earnings on April 30. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 31 (Q1), Veeco Instruments beat expectations on revenues and earnings per share.
Compared to the prior-year quarter, revenue shrank significantly and GAAP earnings per share contracted significantly.
Margins contracted across the board.
Veeco Instruments logged revenue of $139.9 million. The 19 analysts polled by S&P Capital IQ predicted revenue of $126.1 million on the same basis. GAAP reported sales were 45% lower than the prior-year quarter's $254.7 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.49. The 18 earnings estimates compiled by S&P Capital IQ predicted $0.21 per share. GAAP EPS of $0.42 for Q1 were 66% lower than the prior-year quarter's $1.24 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 46.7%, 410 basis points worse than the prior-year quarter. Operating margin was 15.0%, 1,640 basis points worse than the prior-year quarter. Net margin was 11.7%, 900 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $128.1 million. On the bottom line, the average EPS estimate is $0.31.
Next year's average estimate for revenue is $541.4 million. The average EPS estimate is $1.31.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 418 members out of 450 rating the stock outperform, and 32 members rating it underperform. Among 88 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 80 give Veeco Instruments a green thumbs-up, and eight give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Veeco Instruments is hold, with an average price target of $29.68.
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At the time this article was published Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor ofMotley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. 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.
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