PLAINVIEW, N.Y., April 15, 2025 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ:VECO) is proud to announce that it has earned the exclusive Intel EPIC Supplier Award for 2025. This award recognizes the top performers in the Intel supply chain for their world-class commitment to continuous improvement and performance excellence over the past year. "Congratulations to Veeco on receiving the Intel EPIC Supplier Award, Intel's highest supplier recognition," said Frank Sanders, corporate vice president and ge ...

Revenue and Sales Performance - Semiconductor revenue increased by 13% in 2024, accounting for 65% of total revenue, driven by the Laser Annealing business [191]. - Total net sales for 2024 reached $717.3 million, an 8% increase from $666.4 million in 2023 [202]. - The Compound Semiconductor market saw a decline in sales by 11%, totaling $77.6 million in 2024 compared to $87.3 million in 2023 [203]. - Data Storage revenue increased by 12% to $98.9 million in 2024, up from $88.5 million in 2023 [203]. - Approximately 77% of the company's total net sales in 2024 were generated from customers located outside the United States [243]. - Net sales denominated in currencies other than the U.S. dollar accounted for approximately 5% of total net sales in 2024 [243]. - A 10% change in foreign exchange rates would have an immaterial impact on the consolidated results of operations due to most sales outside the U.S. being denominated in U.S. dollars [244]. Financial Performance - Gross profit for 2024 was $304.0 million, with a gross margin of 42%, down from 43% in 2023 [202]. - Operating income decreased by 4% to $67.0 million in 2024, compared to $69.9 million in 2023 [202]. - Net interest income for 2024 was $1.9 million, an increase from a net interest expense of $1.2 million in 2023, primarily due to a $2.3 million increase in interest income [213][214]. - The income tax benefit for 2024 was $4.9 million, compared to an expense of $2.0 million in 2023, driven by various tax benefits including $12.2 million related to asset impairments [217]. - Net cash provided by operating activities was $63.8 million in 2024, compared to $61.7 million in 2023, attributed to a net income of $73.7 million [220][221]. Expenses and Investments - Research and development expenses rose by 10% to $124.5 million in 2024, maintaining a flat percentage of revenue [208]. - Cash used in investing activities was $64.5 million in 2024, primarily due to capital expenditures and net investment activity [222]. - The company has $26.5 million outstanding principal balance of 3.50% convertible senior notes maturing in January 2025 [225]. - Future purchase obligations for inventory and equipment totaled $177.4 million as of December 31, 2024 [227]. Impairments and Charges - A non-cash impairment charge of $28.1 million was recorded in 2024 related to SiC technology acquired from Epiluvac [211]. - Net other operating income in 2024 included a $21.2 million reduction in expected earn-out payments to Epiluvac's previous shareholders [212]. - Amortization expense decreased in 2024 compared to 2023 due to certain intangible assets becoming fully amortized [210]. Market Outlook and Trends - The Semiconductor industry is projected to grow to approximately $650 billion in 2024, with long-term growth driven by trends such as AI and automotive electrification [188]. - The company anticipates a decline in revenue from the China market heading into 2025 due to moderated customer engagement [196]. Asset Management and Financial Reporting - Cash and cash equivalents totaled $145.6 million in 2024, down from $158.8 million in 2023, while short-term investments increased to $198.7 million from $146.7 million [218]. - The fair value of the company's fixed-income securities was approximately $198.7 million as of December 31, 2024, with a potential decrease of $1.3 million for a 100 basis point increase in interest rates [238]. - The company centrally manages its investment portfolios, considering investment opportunities, risks, and overall financing strategies [238]. - Deferred income taxes reflect the net tax effect of temporary differences and are adjusted for changes in tax rates and laws [236]. - The company may enter into monthly forward derivative contracts to mitigate currency exchange risk, using these instruments solely for hedging purposes [242]. - The carrying values of long-lived assets are reviewed for impairment, with impairment recognized if the carrying amount exceeds fair value [235]. - The company evaluates the remaining useful lives of intangible assets and amortizes them accordingly if revisions are deemed appropriate [235].

Veeco Instruments (VECO) came out with quarterly earnings of $0.41 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.50%. A quarter ago, it was expected that this precision manufacturing equipment maker would post earnings of $0.45 per share when it actually produced earnings of $0.46, delivering a surprise of 2.22%.Over the ...

Financial Data and Key Metrics Changes - Revenue for 2024 totaled $717 million, an 8% increase from the prior year, driven by a 13% growth in the semiconductor business [10][23] - Non-GAAP operating income grew 6% to $116 million, and diluted non-GAAP EPS increased to $1.74 [9][28] - Q4 revenue was $182 million, a 5% year-over-year increase, with non-GAAP operating income of $27 million and non-GAAP EPS of $0.41 [11][34] Business Line Data and Key Metrics Changes - Semiconductor business revenue reached $467 million, up 13% year-over-year, comprising 65% of total revenue [23] - Compound semiconductor revenue declined to $78 million, representing 11% of revenue, while data storage revenue increased by 12% to $99 million, making up 14% of total revenue [24] - Scientific and other revenue was $74 million, a slight decline from the prior year, accounting for 10% of revenue [25] Market Data and Key Metrics Changes - China accounted for 36% of total revenue, up from the prior year, driven by semiconductor sales [25] - The Asia Pacific region (excluding China) made up 32% of revenue, while the United States contributed 23% and EMEA accounted for 9% [25] - Q4 revenue from China increased to 39%, reflecting growth in semiconductor sales [32] Company Strategy and Development Direction - The company is focused on expanding its served available market (SAM) by investing in core technologies to enable industry inflections, particularly in laser annealing and advanced packaging [17][20] - The strategy includes targeting high-growth areas such as AI and high-performance computing, with expectations for AI revenue to grow to over 20% of total revenue in 2025 [38][41] - The company anticipates significant growth in its laser annealing and ion beam deposition technologies, projecting SAM growth in these areas [18][19] Management's Comments on Operating Environment and Future Outlook - Management expects a decline in investment from mature node customers in China, while growth in AI and high-performance computing is driving leading-edge investments [38] - The company is optimistic about the potential for growth in the compound semiconductor market, particularly in solar and photonics, starting in late 2025 [39] - Management highlighted the importance of their enabling technologies for key inflections in the semiconductor industry, positioning the company for long-term growth [41] Other Important Information - The order backlog at the end of the year was approximately $410 million, down $80 million from the prior year, primarily due to the data storage business [26] - Gross margin for the full year was 43.3%, with expectations for a decrease to around 42% in 2025 due to product mix changes [27][126] - The company ended the quarter with cash and short-term investments of $345 million, a sequential increase of $24 million [35] Q&A Session Summary Question: What is the outlook for China revenue in Q1? - Management expects China revenue in the first half of 2025 to be about 25% to 30% of total revenue, down from 36% in 2024 [47] Question: Can you provide more details on advanced packaging growth? - Advanced packaging is expected to double in 2025, driven by wet processing and capacity expansions at leading foundries [50][51] Question: What is the status of the NSA evaluation program? - The NSA evaluation program is progressing well, with customers looking at multiple applications [65] Question: How is the company positioned in the high-bandwidth memory market? - The company is a production tool of record with one DRAM customer and is entering an evaluation agreement with a second customer [76][108] Question: What are the expectations for gross margins in 2025? - Gross margins are expected to be around 42% in 2025, down from 43% in 2024, primarily due to changes in product mix [126][130]

Veeco Instruments Q4 & FY 2024 Financial Results Conference Call February 12th, 2025 Safe Harbor This presentation 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 intend ...

EXHIBIT 99.1 VEECO REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS Fourth Quarter 2024 Highlights: Fiscal Year 2024 Highlights: Plainview, N.Y., February 12, 2025 -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2024. 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 ...

Core Insights - Veeco Instruments Inc. reported strong financial results for Q4 and fiscal year 2024, with revenue growth and improved profitability compared to the previous year [1][2][4] - The Semiconductor business has outperformed the wafer fabrication equipment (WFE) growth for four consecutive years, indicating a robust market position [1][2] - The company is well-positioned for future growth with its solutions in Laser Annealing, Ion Beam Deposition, and Advanced Packaging [1][2] Financial Performance - Q4 2024 revenue was $182.1 million, up from $173.9 million in Q4 2023, representing a 7.6% increase [2][4] - GAAP net income for Q4 2024 was $15.0 million, or $0.26 per diluted share, compared to $21.6 million, or $0.37 per diluted share in Q4 2023 [2][4] - Non-GAAP net income for Q4 2024 was $24.2 million, or $0.41 per diluted share, down from $29.8 million, or $0.51 per diluted share in Q4 2023 [2][4] - For the full year 2024, revenue reached $717.3 million, an increase from $666.4 million in 2023 [2][4] - GAAP net income for the full year 2024 was $73.7 million, or $1.23 per diluted share, compared to a net loss of $30.4 million, or $0.56 loss per diluted share in 2023 [2][4] - Non-GAAP net income for the full year 2024 was $104.3 million, or $1.74 per diluted share, compared to $98.3 million, or $1.69 per diluted share in 2023 [2][4] Guidance and Outlook - For Q1 2025, Veeco expects revenue in the range of $155 million to $175 million [5] - GAAP diluted earnings per share are anticipated to be between $0.11 and $0.22, while Non-GAAP diluted earnings per share are expected to range from $0.26 to $0.36 [5] Company Overview - Veeco Instruments Inc. is a manufacturer of semiconductor process equipment, focusing on technologies such as laser annealing, ion beam deposition, and chemical vapor deposition [7]

PLAINVIEW, N.Y., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ:VECO) announced today a NSA500™ Nanosecond Annealing system shipment to a leading-edge semiconductor company for high-volume production of 2-nanometer gate-all-around logic chips. The shipment occurred during the fourth quarter of 2024. Equally as important, the company's NSA500™ evaluation programs at two other leading-edge customers are progressing well with multiple applications being considered. Interest from additional lo ...

PLAINVIEW, N.Y., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) plans to release its fourth quarter 2024 financial results after the market closes on Wednesday, February 12, 2025. The company will host a conference call to review these results starting at 5:00 PM ET that day. 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 repl ...

PLAINVIEW, N.Y., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) today has updated its financial guidance for the fourth quarter and full year 2024. We expect revenue for the fourth quarter of 2024 between $175 to $185 million, compared to our prior guidance of $165 to $185 million. Full year 2024 revenue is now expected in the range of $710 to $720 million. GAAP diluted earnings per share for the fourth quarter of 2024 is expected to be between $0.09 and $0.28, compared to our prior ...