Veeco Instruments Inc., a maker of tools for manufacturing light-emitting diodes, computer drives and flexible computer displays, Wednesday swung to a loss in its first quarter despite a gain in revenue.
The Plainview company reported revenue of $98.3 million, an 8 percent increase compared to the year-ago quarter. But the company posted a net loss of $19.1 million, or 48 cents per diluted share, in the latest quarter versus a profit of $19.2 million, or 48 cents per share, in the 2014 period.
The 2014 quarter was buoyed by the reversal of a $29.4 million contingent payment for a nonperforming business.
"Following very strong fourth quarter results, Veeco's first quarter 2015 bookings were $102 million, as guided," John R. Peeler, chairman and chief executive, said in a statement.
The company raised its 2015 revenue growth forecast to more than 35 percent from more than 30 percent.