Veeco Updates Fourth Quarter 2023 Guidance and Provides Initial 2024 Outlook
17 Janvier 2024 - 1:30PM
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 $165 to $175 million, compared to our prior guidance of
$155 to $175 million. Full year 2023 revenue is now expected in the
range of $658 to $668 million. GAAP earnings per diluted share for
the fourth quarter of 2023 is expected to be between $0.27 and
$0.32, while Non-GAAP diluted EPS is expected between $0.40 to
$0.45, compared to our prior guidance of $0.35 to $0.45(1). Full
year 2023 GAAP diluted loss per share is expected in the range of
$(0.70) to $(0.59), while Non-GAAP diluted earnings per share is
expected in the range of $1.58 to $1.65(2).
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 $680 to $740 million and Non-GAAP earnings per diluted
share between $1.60 to $1.90(3).
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 StatementsThis
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
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