Get the latest news and trends on Long Island companies and the people behind them.
Veeco has new China order for LED-making tools
The Plainview-based industrial toolmaker Veeco Instruments Inc.. which has told stock market analysts that it expects a turnaround to increased profits this quarter, says a Chinese manufacturer has placed a multi-unit order for the machines used to produce light-emitting diodes, or LEDs.
The buyer, Hangshou Silan Azure Co. Ltd., placed the order for the TurboDisc K465, which it will use to expand its capacity to produce blue and green high-brightness LEDs.
"The growth we are experiencing supplying LEDs for general illumination, backlighting and outdoor display applications required us to add manufacturing capacity at our Hangzhou facility," Zhongyong Jiang, president of Silan Azure, said in a Veeco news release this week.
"After evaluating various suppliers, we chose to purchase additional systems from Veeco because of our satisfaction with the production-worthiness and reliability of existing K465i" tools in its factories, he said in the Monday news release. "The excellent field support we have received from Veeco was also a major factor in our decision."
Earlier this week, despite Veeco's reported quarterly loss, investors flocked to bid up its shares on Tuesday. The positive interest in Veeco shares came despite its after-market close Monday quarterly financial report showing a 72 percent first-quarter drop in profit, and an 45 percent decline in sales, compared to the first quarter of 2011.
Analysts upgraded the stock, with higher target prices, saying the company did better than expected for the first quarter. Veeco also projected rebounding income and sales for the second quarter. Veeco is forecasting second-quarter revenue of $120 million to $145 million. And it expects per-share earnings of 20 cents to 40 cents a share.
Photo shows Veeco workers in Plainview with one of its LED-making tools.
Read more of Inside Long Island Business