Veeco Updates Fourth Quarter 2023 Guidance and Provides Initial 2024 Outlook

By: Veeco Instruments Inc. via GlobeNewswire

January 17, 2024 at 07:30 AM EST

Updates fourth quarter revenue guidance to $165 to $175 million & Non-GAAP diluted EPS between $0.40 to $0.45 cents
Initial 2024 revenue outlook of $680 to $740 million & Non-GAAP diluted EPS outlook between $1.60 to $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 $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 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