Veeco Instruments, Inc. Reports Mixed Q4 Results; Shares Jump 3.5%
Feb 19th 2014 10:51PM
Updated Feb 19th 2014 10:52PM
Shares of Veeco Instruments jumped 3.5% in after-hours trading, reacting to a mixed fourth-quarter report.
The maker of manufacturing equipment for LED lights, hard drive components, and other high-tech components saw sales fall 31% year over year to $73.2 million. Non-GAAP net losses per share increased from $0.09 to $0.42.
Wall Street analysts were looking for a net loss of $0.33 per share on sales of $70 million, so Veeco beat the revenue target while missing on the bottom line.
The outlook for the first quarter of 2014 is anything but mixed, however. Veeco sees revenues coming in between $85 million and $95 million, while analysts currently expect $81 million. Fourth-quarter gross margins sat at 21% but should bounce back to roughly 34%.
Doing the math on Veeco's guidance, the midpoints of everything work out to a $15 million operating loss. This compares to a $34 million operating loss in the fourth quarter, and to a $19 million operating loss in the year-ago period.
"While 2013 was a challenging year, we remain positive about trends in LED lighting and our new growth opportunity in flexible OLED encapsulation for mobile phone," said Veeco CEO John Peeler in a prepared statement. For example, Veeco got an order for prototype next-generation OLED-making machines from Samsung after the fourth quarter's closing.
But it's not all wine and roses: "Fourth bookings remained weak at $85 million, down 7% sequentially. We haven't yet seen a recovery in business conditions," Peeler said.
The article Veeco Instruments, Inc. Reports Mixed Q4 Results; Shares Jump 3.5% originally appeared on Fool.com.Anders Bylund and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.