Veeco Instruments Inc., one of Long Island's largest technology companies, said Thursday that its second-quarter profits had plummeted, falling 80 percent as it continues to grapple with slowing demand.
The Plainview-based company, which makes equipment used to produce LED lighting for a variety of products including flat-panel TVs and cellphones, said it had $136.5 million in sales during April, May and June, down 49 percent from the previous year. Net income fell to $11 million.
The company has expected sales to be down significantly this year after climbing to nearly $1 billion in 2011. That boom stemmed primarily from China, where government subsidies caused LED manufactures to build aggressively. But the Chinese market for LED equipment became saturated, and demand dropped sharply.
Veeco's earnings per share dropped 79 percent to 28 cents a share, from $1.31 a year earlier.
The company's chairman and chief executive, John R. Peeler, said Veeco was performing well given its adversity. "Veeco continues to deliver solid results in a soft market," he said.