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Business

Veeco swings to loss in quarter despite revenue rise

Ramon Garcia, electrical engineering manager, simulates working on

Ramon Garcia, electrical engineering manager, simulates working on the NEXUS 420si ion beam etching system at Veeco in Plainview. The machine is used to manipulate thin material for applications such as data storage. Photo Credit: Chris Ware

Veeco Instruments Inc., a maker of tools for manufacturing light-emitting diodes, computer drives and flexible computer displays, Wednesday swung to a loss in its first quarter despite a gain in revenue.

The Plainview company reported revenue of $98.3 million, an 8 percent increase compared to the year-ago quarter. But the company posted a net loss of $19.1 million, or 48 cents per diluted share, in the latest quarter versus a profit of $19.2 million, or 48 cents per share, in the 2014 period.

The 2014 quarter was buoyed by the reversal of a $29.4 million contingent payment for a nonperforming business.

"Following very strong fourth quarter results, Veeco's first quarter 2015 bookings were $102 million, as guided," John R. Peeler, chairman and chief executive, said in a statement.

The company raised its 2015 revenue growth forecast to more than 35 percent from more than 30 percent.

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