Veeco Updates Fourth Quarter 2023 Guidance and Provides Initial 2024 Outlook
- Updated fourth quarter revenue guidance and initial 2024 revenue outlook provided
- Participation at the 26th Annual Needham Growth Conference to discuss financial guidance
- Estimated and unaudited consolidated financial data for the three months and year ended December 31, 2023 provided
- None.
Veeco Instruments Inc.'s updated revenue guidance for Q4 2023 and the initial outlook for 2024 are indicators of the company's financial health and business trajectory. The revised Q4 revenue guidance suggests a narrowing of the expected range, which could imply a higher level of confidence in their financial forecasting. The forecasted increase in revenue from 2023 to 2024 hints at expected business growth, potentially driven by increased demand for Veeco's products or market expansion.
Investors may view the projected growth positively, as it suggests a robust business model capable of generating increased revenue streams. However, it is important to consider the GAAP earnings per diluted share, which indicate a loss for the full year 2023. This could be a concern for investors focused on profitability, despite the positive Non-GAAP EPS figures, which exclude certain expenses and may present a more favorable view of earnings.
The provided ranges for earnings per share, both GAAP and Non-GAAP, allow investors to gauge potential variability in earnings outcomes. The difference between GAAP and Non-GAAP measures warrants attention, as it reflects the impact of non-recurring items or accounting adjustments that are not included in Non-GAAP figures. This discrepancy can provide insights into the company's operational efficiency and one-off costs or benefits impacting the bottom line.
Veeco's participation in the 26th Annual Needham Growth Conference is a strategic move to communicate its financial position and outlook directly to investors and analysts. Such events are platforms for companies to showcase their growth strategies, market positioning and competitive advantages. The live broadcast of the presentation offers transparency and could influence investor sentiment.
From a market perspective, Veeco's revenue outlook for 2024 suggests an optimistic view of the market's demand for its products. This could be reflective of underlying industry trends such as advancements in technology sectors that utilize Veeco's equipment. A deeper analysis of the market dynamics, including competitors' performance and technological innovation, would provide a more comprehensive understanding of Veeco's potential for growth.
The company's forward-looking statements about revenue and earnings, while positive, should be approached with caution. Market conditions can change rapidly and unforeseen events can have significant impacts on financial outcomes. Investors should consider the broader economic environment, including factors like interest rates, consumer demand and global supply chain issues, when evaluating Veeco's projections.
The provided financial data from Veeco Instruments Inc. has implications for the broader economic landscape, particularly within the tech and manufacturing sectors. The company's optimistic revenue guidance for the upcoming year could be indicative of a stable or growing demand for semiconductor equipment, which is often seen as a bellwether for the tech industry at large.
Non-GAAP earnings per diluted share are often used by companies to provide a normalized view of profitability by excluding non-recurring, irregular, or non-cash expenses. However, economists may scrutinize the significant gap between GAAP and Non-GAAP earnings to understand the nature of the expenses being excluded and the company's underlying financial performance.
Veeco's preliminary and unaudited financial data should be taken as an estimate, with the acknowledgment that final reported figures could differ. This uncertainty adds an element of risk to the analysis and stakeholders should remain aware of the potential for adjustments as the audited results become available.
- Updates fourth quarter revenue guidance to
$165 t o$175 million & Non-GAAP diluted EPS between$0.40 t o$0.45 cents - Initial 2024 revenue outlook of
$680 t o$740 million & Non-GAAP diluted EPS outlook between$1.60 t o$1.90 - Veeco to participate at upcoming 26th Annual Needham Growth Conference
PLAINVIEW, N.Y., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) today has updated its financial guidance for the fourth quarter of 2023 and provided an initial 2024 outlook.
Veeco’s management is scheduled to meet with investors and present at the 26th Annual Needham Growth Conference later today, where they will discuss Veeco’s updated 2023 guidance and provide an initial 2024 outlook. The presentation will be broadcast live at 11:45 AM ET and can be accessed on the investor relations section of Veeco's website at ir.veeco.com.
We expect revenue for the fourth quarter of 2023 between
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, 2023. Although 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 initial 2024 outlook for revenue is between
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, including the effects of the COVID-19 pandemic on the Company’s operations and on those of our customers and suppliers; 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.
GAAP to Non-GAAP Reconciliations
- Excluded from Non-GAAP diluted EPS for the fourth quarter of 2023 are estimated share-based compensation expenses of
$0.10 per share, and estimated amortization expense of$0.03 per share. - Excluded from Non-GAAP diluted EPS for the full year 2023 are loss on extinguishment of debt charges of
$1.77 per share, estimated share-based compensation expenses of$0.52 per share, estimated amortization expense of$0.15 per share, while additional income tax expense of$0.17 is included in Non-GAAP diluted EPS. - GAAP earnings per diluted share for 2024 is expected between
$1.10 and$1.40 . Guidance regarding 2024 Non-GAAP earnings per diluted share excludes charges related to estimated share-based compensation expenses of$0.47 per share and amortization expense of$0.12 per share, while including additional estimated income tax expense of$0.09 .
Veeco Contacts:
Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
Media: Kevin Long | (516) 714-3978 | klong@veeco.com 
FAQ
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