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Veeco Instruments reports revenue jumped to $158.6 million in first quarter 

Veeco Instruments Inc. makes the tools used to

Veeco Instruments Inc. makes the tools used to create light-emitting diodes, including the TurboDisc K465i MOCVD System shown here. Photo Credit: None

Veeco Instruments Inc. Monday reported a jump in first-quarter revenue driven in part by strong demand for its equipment used in producing light-emitting diodes.

The Plainview company had revenue of $158.6 million for the quarter ended March 31. That compared wuth revenue of $94.5 million in the 2017 period.

John R. Peeler, Veeco's chairman and chief executive, in a statement, attributed the revenue growth to shipments of specialized lithography systems and equipment used in producing LEDs.

The company posted a net loss of $15.8 million, or 34 cents per share, versus net income of $1.6 million, or 4 cents a share in the 2017 period.

The loss was attributable in part to higher costs.

The company forecast second-quarter revenue of $145 million to $170 million and a net loss per share of 45 cents to 26 cents.

The earnings report was released after the stock market close. In after hours trading, Veeco's shares rose more than 11 percent to $19.

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