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Veeco Instruments posts wider loss in second quarter

Veeco Instruments Inc. Wednesday posted a wider loss for the second quarter as the Plainview company said it is seeing a pickup in orders for equipment used to make light-emitting diodes, but continued weakness in the market for computer hard-drive equipment.

After the market close, Veeco reported a net loss of $15.2 million, or 39 cents per share, on revenue of $95.1 million for the quarter ended June 30. That compares to a net loss of $4.1 million, or 11 cents per share, on sales of $97.4 million in the year-ago period.

Revenue for equipment related to LEDs and solar cells rose to $77.2 million versus $75.9 million in the 2013 quarter, but sales in data storage slumped to $18 million compared to $21.5 million.

Shares of Veeco closed up 0.77 percent to $35.77 in trading Wednesday but edged lower in after-hours trading.

"We have been working to streamline our business operations and reduce our expense structure, enabling investments in high growth opportunities such as LED and OLED display," chief executive John R. Peeler said. "These activities are planned through the rest of 2014 and are expected to result in an approximately 10 percent reduction in operating expenses as we exit 2014."

Veeco forecast third quarter revenue of $92 million to $100 million and a net loss of 34 to 43 cents per share.

Separately, the company announced that Chinese LED producer Xiamen Changelight Co. had chosen Veeco as its primary equipment provider.


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