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Veeco Instruments boosts revenue, trims loss

Credit: Chris Ware

Veeco Instruments Inc., a Plainview maker of equipment used in making semiconductors and light-emitting diodes, Thursday posted sharply higher revenue and a narrower net loss for the second quarter, reflecting an improving market for LEDs.

Revenue jumped more than 50 percent to $115.1 million versus $75.3 million in the prior year’s quarter. Veeco trimmed its net loss to $18.4 million, or 43 cents per diluted share, from $32.1 million, or 82 cents per diluted share, in the 2016 period.

Veeco chairman and chief executive John R. Peeler said the results, released after the stock market close, were in line with the company’s guidance, which excluded the acquisition of Ultratech that closed on May 26.

“LED conditions continue to improve and we believe we can achieve a stronger second half of 2017,” he said.

The company issued third quarter guidance calling for revenue of $125 million to $145 million and a per share loss in the range of 53 cents to 34 cents.

Veeco acquired Ultratech Inc., a San Jose, California, maker of lithography and inspection systems used in making semiconductors, for about $815 million in cash and stock.

Shares of Veeco fell 3.2 percent to close Thursday at $28.80 on the Nasdaq Stock Market. Shares were unchanged in after-hours trading.

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