Veeco quarterly earnings plunge 72 percent

After the close of stock market trading, the company said its net income dropped to $16.5 million, from $58 million a year ago. Revenue slid to $139.9 million, from $254.7 million. Earnings per share dropped 69 percent to 42 cents a share, from $1.36.

Shares rose 13.95 percent in after-hours trading on the Nasdaq Stock Market, to $34.40, as the company's earnings beat Wall Street expectations. The shares are still well below their 52-week high of $57.67 reached on May 31.

"As anticipated, we experienced a weak booking environment in Q1," said John R. Peeler, Veeco's chief executive. He lauded the company's "solid profitability in a tough year."

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.