Veeco Instruments Inc., a Plainview company that makes equipment used to produce LED lighting, said Monday that its third-quarter profits dipped sharply, falling 82 percent as it continues struggling to rebound from falling sales in China.
Veeco’s said it had $126.9 million in sales during July, August and September, down 53 percent from the previous year. Net income fell to $9.4 million.
The earnings fell short of analysts' expectations of $130.1 million in sales. Veeco shares were down 7.34 percent, to $26.76 per share in after-hours trading.
Veeco 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 chairman and chief executive John R. Peeler said the company has been "successfully managing through a challenging year."
Photo: The top three executives of Veeco left to right, chief financial officer David Glass, chief executive officer John Peeler and executive vice president William Miller at the Plainview facility. (July 18, 2012)