Veeco Updates Fourth Quarter and Full Year 2024 Guidance

PLAINVIEW, N.Y., Jan. 14, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) today has updated its financial guidance for the fourth quarter and full year 2024.

We expect revenue for the fourth quarter of 2024 between $175 to $185 million, compared to our prior guidance of $165 to $185 million. Full year 2024 revenue is now expected in the range of $710 to $720 million. GAAP diluted earnings per share for the fourth quarter of 2024 is expected to be between $0.09 and $0.28, compared to our prior guidance of $0.18 to $0.27, while Non-GAAP diluted earnings per share is expected between $0.36 to $0.44, compared to our prior guidance of $0.35 to $0.45. Full year 2024 GAAP diluted earnings per share is expected in the range of $1.07 to $1.26, while Non-GAAP diluted earnings per share is expected in the range of $1.69 to $1.76.

Reflected in the above guidance is a net impact on our Q4 2024 GAAP Net Income between a $9 million expense to a $4 million benefit related to our market penetration not meeting expectations associated with our Silicon Carbide Epitaxy technology acquired in 2023. This net impact includes non-cash impairments related to acquired intangible assets, offset by a gain from a reduction in the contingent consideration related to the acquisition, as well as estimated tax benefits. Please see below for a reconciliation of our GAAP to non-GAAP revised guidance ranges.

Our estimated and unaudited consolidated financial data is preliminary and was prepared by us in good faith based upon internal reporting for the three months and year ended December 31, 2024. Other than items described in the preceding paragraph, we have not identified any unusual or unique events or trends that occurred during the period which might materially affect these estimates. Actual results may still be outside of the ranges provided.

Veeco’s management is scheduled to meet with investors and present at the 27th Annual Needham Growth Conference later today. The presentation will be broadcast live at 1:30 PM ET and can be accessed on the investor relations section of Veeco’s website at ir.veeco.com.

About Veeco
Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

Forward-looking Statements
This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections, and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections, and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this press release.

2024 Guidance GAAP to Non-GAAP Reconciliations

Note: Amounts may not calculate precisely due to rounding.

The above table includes financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; amortization of acquired intangible assets; and certain other non-operating gains and losses, as well as the related tax effects.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

Veeco Contacts:
Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
Media: Brenden Wright | (410) 984-2610 | bwright@veeco.com