Veeco Instruments reports $6 million 3Q loss
Veeco Instruments Inc. reported a $6-million third-quarter loss Friday as global demand for its equipment to make LED lighting continued to stagnate.
The Plainview company's sales fell to $99.3 million during July, August and September. That's down 25 percent from the same period last year, when Veeco reported a $7.7-million profit.
"Veeco's third quarter 2013 results were impacted by persistent overcapacity and weak business conditions," Veeco chairman and chief executive John R. Peeler said in a statement announcing the earnings.
The company's sales exceeded the expectations of analysts, but its loss of 16 cents a share was wider than analysts forecast. Veeco shares fell 48 cents to close at $30.56, down more than 1 percent. They are up $1.07, or 3.6 percent, year to date.
The company's revenue has fallen steadily after hitting nearly $1 billion in 2011. That boom stemmed mostly from sales in China, where government subsidies caused LED manufacturers to build aggressively. But the Chinese market for LED equipment became saturated, and demand has been falling since.
Veeco's release of its third-quarter earnings comes three days after the company announced it had successfully completed its yearlong accounting review, meeting a deadline allowing it to remain on the Nasdaq exchange.