Veeco shares soar despite quarterly loss report
The manufacturing operations at Veeco Instruments Inc., which sells tools to manufacturers of low-energy lighting chips. Credit: Handout
Despite Veeco Instruments Inc.'s reported quarterly loss, investors flocked to bid up its shares on Tuesday. More than 4.5 million shares changed hands -- four times the average full-day volume -- by mid-day as the stock's price maintained an increase of more than 14 percent through mid-afternoon.
The positive intererst in Veeco shares came despite its after-market close Monday quarterly financial report showing a 72 percent first-quarter drop in profit, and an 45 percent decline in sales, compared to the first quarter of 2011.
Analysts upgraded the stock, with higher target prices, saying the Plainview-based company did better than expected for the first quarter. Veeco also projected rebounding income and sales for the second quarter.
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.
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