Anzeige
Mehr »
Login
Sonntag, 21.04.2024 Börsentäglich über 12.000 News von 689 internationalen Medien
Hammer-Meldung! Löst diese Meldung den nächsten Hype aus?
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: 896007 | ISIN: US9224171002 | Ticker-Symbol: VEO
Tradegate
19.04.24
21:06 Uhr
30,000 Euro
-0,600
-1,96 %
1-Jahres-Chart
VEECO INSTRUMENTS INC Chart 1 Jahr
5-Tage-Chart
VEECO INSTRUMENTS INC 5-Tage-Chart
RealtimeGeldBriefZeit
30,20031,00017:35
30,40030,60019.04.
GlobeNewswire (Europe)
488 Leser
Artikel bewerten:
(2)

Veeco Instruments Inc.: Veeco Reports Fourth Quarter and Fiscal Year 2023 Financial Results

Fourth Quarter 2023 Highlights:

  • Revenue of $173.9 million, compared with $153.8 million in the same period last year
  • GAAP net income of $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in the same period last year
  • Non-GAAP net income of $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in the same period last year

Fiscal Year 2023 Highlights:

  • Revenue of $666.4 million, compared with $646.1 million in the same period last year
  • GAAP net loss of $30.4 million, or $0.56 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $166.9 million, or $2.71 earnings per diluted share in the same period last year
  • Non-GAAP net income of $98.3 million, or $1.69 per diluted share, compared with $89.6 million, or $1.57 per diluted share in the same period last year

PLAINVIEW, N.Y., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2023. Results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and are also reported adjusting for certain items ("Non-GAAP"). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

U.S. Dollars in millions, except per share data
4th Quarter Full Year
GAAP Results Q4 '23 Q4 '22 20232022
Revenue $173.9 $153.8 $666.4 $646.1
Net income (loss) $21.6 $128.9 $(30.4) $166.9
Diluted earnings (loss) per share $0.37 $2.00 $(0.56) $2.71
4th Quarter Full Year
Non-GAAP Results Q4 '23 Q4 '22 2023 2022
Operating income $32.1 $23.8 $109.6 $99.8
Net income $29.8 $21.9 $98.3 $89.6
Diluted earnings per share $0.51 $0.38 $1.69 $1.57

"2023 was a critical year for Veeco, highlighted by our Semiconductor business outperforming WFE growth for the 3rd consecutive year," commented Bill Miller, Ph.D., Veeco's Chief Executive Officer. "I'm proud to say we successfully grew the business, improved profitability, and most importantly, laid the groundwork for future growth. We achieved a significant milestone by shipping evaluation systems for two important core technologies in Nanosecond Annealing and Ion Beam Deposition. These technologies enable our customers to fabricate devices that enable higher performance and reduced power consumption."

Guidance and Outlook

The following guidance is provided for Veeco's first quarter 2024:

  • Revenue is expected in the range of $160 million to $180 million
  • GAAP diluted earnings per share are expected in the range of $0.22 to $0.33
  • Non-GAAP diluted earnings per share are expected in the range of $0.36 to $0.46

Conference Call Information

A conference call reviewing these results has been scheduled for today, February 14, 2024 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

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.

-financial tables attached-

Veeco Contacts:

Investors:Anthony Pappone(516) 500-8798 apappone@veeco.com
Media:Kevin Long(516) 714-3978klong@veeco.com

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

Three months ended December 31, Year ended December 31,
2023202220232022
Net sales $173,924 $153,799 $666,435 $646,137
Cost of sales 95,269 90,881 381,376 382,989
Gross profit 78,655 62,918 285,059 263,148
Operating expenses, net:
Research and development 29,091 26,327 112,853 103,565
Selling, general, and administrative 23,493 20,965 92,756 88,952
Amortization of intangible assets 2,123 2,505 8,481 10,018
Other operating expense (income), net (235) (271) 1,029 317
Total operating expenses, net 54,472 49,526 215,119 202,852
Operating income 24,183 13,392 69,940 60,296
Interest expense, net - (1,558) (1,187) (9,311)
Other income (expense), net - - (97,091) -
Income (loss) before income taxes 24,183 11,834 (28,338) 50,985
Income tax expense (benefit) 2,546 (117,081) 2,030 (115,957)
Net income (loss) $21,637 $128,915 $(30,368) $166,942
Income (loss) per common share:
Basic $0.39 $2.58 $(0.56) $3.35
Diluted $0.37 $2.00 $(0.56) $2.71
Weighted average number of shares:
Basic 55,537 49,912 53,769 49,906
Diluted 59,821 65,684 53,769 65,607

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)

December 31, December 31,
20232022
(unaudited)
Assets
Current assets:
Cash and cash equivalents $158,781 $154,925
Restricted cash 339 547
Short-term investments 146,664 147,488
Accounts receivable, net 103,018 124,221
Contract assets 24,370 16,507
Inventories 237,635 206,908
Prepaid expenses and other current assets 35,471 18,305
Total current assets 706,278 668,901
Property, plant and equipment, net 118,459 107,281
Operating lease right-of-use assets 24,377 26,467
Intangible assets, net 43,945 23,887
Goodwill 214,964 181,943
Deferred income taxes 117,901 116,349
Other assets 3,117 3,355
Total assets $1,229,041 $1,128,183
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $42,383 $52,049
Accrued expenses and other current liabilities 57,624 56,031
Contract liabilities 118,026 127,223
Income taxes payable - 2,432
Current portion of long-term debt - 20,169
Total current liabilities 218,033 257,904
Deferred income taxes 6,552 1,285
Long-term debt 274,941 254,491
Long-term operating lease liabilities 31,529 33,581
Other liabilities 25,544 3,098
Total liabilities 556,599 550,359
Total stockholders' equity 672,442 577,824
Total liabilities and stockholders' equity $1,229,041 $1,128,183

Note on Reconciliation Tables

The below tables include 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; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

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.

Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2023)
(in thousands)
(unaudited)

Non-GAAP Adjustments
Share-Based
Three months ended December 31, 2023GAAP CompensationAmortizationOther Non-GAAP
Net sales $173,924 $173,924
Gross profit 78,655 334 78,989
Gross margin 45.2% 45.4%
Operating expenses 54,472 (5,845) (2,123) 363 46,867
Operating income 24,183 6,179 2,123 (363)^ 32,122
Net income 21,637 6,179 2,123 (116)^ 29,823
^ - See table below for additional details.

Other Non-GAAP Adjustments (Q4 2023)
(in thousands)
(unaudited)

Three months ended December 31, 2023
Changes in contingent consideration $(465)
Other 102
Subtotal (363)
Non-cash interest expense 294
Non-GAAP tax adjustment * (47)
Total Other $(116)
* - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (Q4 2023)
(in thousands, except per share amounts)
(unaudited)

Three months ended December 31, 2023
GAAP Non-GAAP
Numerator:
Net income$21,637$29,823
Interest expense associated with 2025 and 2027 Convertible Senior Notes 511 466
Net income available to common shareholders$22,148 $30,289
Denominator:
Basic weighted average shares outstanding 55,537 55,537
Effect of potentially dilutive share-based awards 1,391 1,391
Dilutive effect of 2025 Convertible Senior Notes 1,104 1,104
Dilutive effect of 2027 Convertible Senior Notes (1) 1,789 1,355
Diluted weighted average shares outstanding 59,821 59,387
Net income per common share:
Basic $0.39 $0.54
Diluted $0.37 $0.51
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company's capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2022)
(in thousands, except per share amounts)
(unaudited)

Non-GAAP Adjustments
Share-based
Three months ended December 31, 2022 GAAP CompensationAmortizationOther Non-GAAP
Net sales $153,799 $153,799
Gross profit 62,918 1,167 1,011 65,096
Gross margin 40.9% 42.3%
Operating expenses 49,526 (4,858) (2,505) (821) 41,342
Operating income 13,392 6,025 2,505 1,832 ^ 23,754
Net income 128,915 6,025 2,505 (115,554)^ 21,891
^ - See table below for additional details.

Other Non-GAAP Adjustments (Q4 2022)
(in thousands)
(unaudited)

Three months ended December 31, 2022
Transition expenses related to San Jose expansion project$1,788
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting 44
Subtotal 1,832
Non-cash interest expense 244
Release of valuation allowance on deferred tax assets (104,971)
Non-GAAP tax adjustment * (12,659)
Total Other$(115,554)
* - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (Q4 2022)
(in thousands, except per share amounts)
(unaudited)

Three months ended December 31, 2022
GAAP Non-GAAP
Numerator:
Net income$128,915$21,891
Interest expense associated with convertible notes 2,712 2,467
Net income available to common shareholders$131,627 $24,358
Denominator:
Basic weighted average shares outstanding 49,912 49,912
Effect of potentially dilutive share-based awards 805 805
Dilutive effect of 2023 Convertible Senior Notes 504 504
Dilutive effect of 2025 Convertible Senior Notes 5,521 5,521
Dilutive effect of 2027 Convertible Senior Notes (1) 8,942 6,771
Diluted weighted average shares outstanding 65,684 63,513
Net income per common share:
Basic$2.58 $0.44
Diluted$2.00 $0.38
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company's capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q4 2023 and 2022)
(in thousands)
(unaudited)

Three months ended Three months ended
December 31, 2023 December 31, 2022
GAAP Net income $21,637 $128,915
Share-based compensation 6,179 6,025
Amortization 2,123 2,505
Transition expenses related to San Jose expansion project 57 1,788
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting - 44
Changes in contingent consideration (465) -
Acquisition related 45 -
Interest (income) expense, net - 1,558
Income tax expense (benefit) 2,546 (117,081)
Non-GAAP Operating income $32,122 $23,754

Reconciliation of GAAP to Non-GAAP Financial Data (FY 2023)
(in thousands)
(unaudited)

Non-GAAP Adjustments
Share-based
For the year ended December 31, 2023 GAAP CompensationAmortizationOther Non-GAAP
Net sales $666,435 $666,435
Gross profit 285,059 4,913 232 290,204
Gross margin 42.8 % 43.5%
Operating expenses 215,119 (23,645) (8,481) (2,363) 180,630
Operating income 69,940 28,558 8,481 2,595 ^ 109,574
Net income (loss) (30,368) 28,558 8,481 91,668 ^ 98,339
^ - See table below for additional details.

Other Non-GAAP Adjustments (FY 2023)
(in thousands)
(unaudited)

For the year ended December 31, 2023
Acquisition related
$1,056
Changes in contingent consideration
701
Transition expenses related to San Jose expansion project
838
Subtotal
2,595
Non-cash interest expense
1,118
Other (income) expense, net
97,091
Non-GAAP tax adjustment *
(9,136)
Total Other
$91,668
* - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (FY 2023)
(in thousands, except per share amounts)
(unaudited)

Year ended December 31, 2023
GAAP Non-GAAP
Numerator:
Net income (loss)$(30,368)$98,339
Interest expense associated with convertible notes - 4,768
Net income (loss) available to common shareholders $(30,368) $103,107
Denominator:
Basic weighted average shares outstanding 53,769 53,769
Effect of potentially dilutive share-based awards - 850
Dilutive effect of 2023 Convertible Senior Notes - 21
Dilutive effect of 2025 Convertible Senior Notes - 2,786
Dilutive effect of 2027 Convertible Senior Notes (1) - 3,417
Diluted weighted average shares outstanding 53,769 60,843
Net income (loss) per common share:
Basic $(0.56) $1.83
Diluted $(0.56) $1.69
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company's capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

Reconciliation of GAAP to Non-GAAP Financial Data (FY 2022)
(in thousands)
(unaudited)

Non-GAAP Adjustments
Share-based
For the year ended December 31, 2022 GAAP CompensationAmortizationOther Non-GAAP
Net sales $646,137 $646,137
Gross profit 263,148 4,551 3,300 270,999
Gross margin 40.7% 41.9%
Operating expenses 202,852 (18,443) (10,018) (3,212) 171,179
Operating income 60,296 22,994 10,018 6,512 ^ 99,820
Net income 166,942 22,994 10,018 (110,379)^ 89,575
^ - See table below for additional details.

Other Non-GAAP Adjustments (FY 2022)
(in thousands)
(unaudited)

For the year ended December 31, 2022
Transition expenses related to San Jose expansion project$6,202
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting 310
Subtotal 6,512
Non-cash interest expense 962
Other (income) expense, net (104,971)
Non-GAAP tax adjustment * (12,882)
Total Other$(110,379)
* - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (FY 2022)
(in thousands, except per share amounts)
(unaudited)

Year ended December 31, 2022
GAAP Non-GAAP
Numerator:
Net income$166,942$89,575
Interest expense associated with convertible notes 10,832 9,870
Net income available to common shareholders $177,774 $99,445
Denominator:
Basic weighted average shares outstanding 49,906 49,906
Effect of potentially dilutive share-based awards 734 734
Dilutive effect of 2023 Convertible Senior Notes 504 504
Dilutive effect of 2025 Convertible Senior Notes 5,521 5,521
Dilutive effect of 2027 Convertible Senior Notes (1) 8,942 6,771
Diluted weighted average shares outstanding 65,607 63,436
Net income per common share:
Basic $3.35 $1.79
Diluted $2.71 $1.57
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company's capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.


Reconciliation of GAAP Net Income to Non-GAAP Operating Income (FY 2023 and 2022)
(in thousands)
(unaudited)

Year ended Year ended
December 31, 2023 December 31, 2022
GAAP Net income (loss) $(30,368) $166,942
Share-based compensation 28,558 22,994
Amortization 8,481 10,018
Acquisition related 1,056 -
Changes in contingent consideration 701 -
Transition expenses related to San Jose expansion project 838 6,202
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting - 310
Interest (income) expense, net 1,187 9,311
Other (income) expense, net 97,091 -
Income tax expense (benefit) 2,030 (115,957)
Non-GAAP Operating income (loss) $109,574 $99,820

Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2024)
(in millions, except per share amounts)
(unaudited)

Non-GAAP Adjustments
Guidance for the three months ending Share-based
March 31, 2024 GAAP Compensation Amortization Other Non-GAAP
Net sales$160 -$180 $160 -$180
Gross profit 68 - 78 1 - - 69 - 79
Gross margin 42% - 43% 43% - 44%
Operating expenses 53 - 56 (6) (2) - 46 - 48
Operating income 15 - 22 7 2 - 24 - 31
Net income $13 - $20 7 2 (1) $21 - $27
Income per diluted common share $0.22 - $0.33 $0.36 - $0.46

Income per Diluted Common Share (Q1 2024)
(in millions, except per share amounts)
(unaudited)

Guidance for the three months ending March 31, 2024 GAAP Non-GAAP
Numerator:
Net income$13-$20$21-$27
Interest expense associated with convertible notes - - - -
Net income available to common shareholders $13 - $20 $21 - $27
Denominator:
Basic weighted average shares outstanding 56 56 56 56
Effect of potentially dilutive share-based awards 1 1 1 1
Dilutive effect of 2025 Convertible Senior Notes - 1 1 1
Dilutive effect of 2027 Convertible Senior Notes (1) 2 2 1 1
Dilutive effect of 2029 Convertible Senior Notes 1 1 1 1
Diluted weighted average shares outstanding 60 61 60 60
Net income per common share:
Income per diluted common share $0.22 - $0.33 $0.36 - $0.46
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company's capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.


Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q1 2024)
(in millions)
(unaudited)

Guidance for the three months ending March 31, 2024
GAAP Net income $13 - $20
Share-based compensation 7 - 7
Amortization 2 - 2
Income tax expense (benefit) 2 - 2
Non-GAAP Operating income $24 - $31

Note: Amounts may not calculate precisely due to rounding.


Großer Insider-Report 2024 von Dr. Dennis Riedl
Wenn Insider handeln, sollten Sie aufmerksam werden. In diesem kostenlosen Report erfahren Sie, welche Aktien Sie im Moment im Blick behalten und von welchen Sie lieber die Finger lassen sollten.
Hier klicken
© 2024 GlobeNewswire (Europe)
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.