Veeco Instruments (NASDAQ:VECO) Issues Q3 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.39-0.49 for the period, compared to the consensus EPS estimate of $0.46. The company issued revenue guidance of $170-190 million, compared to the consensus revenue estimate of $181.88 million. Veeco Instruments also updated its Q3 2024 guidance to 0.390-0.490 EPS.

Veeco Instruments Stock Performance

VECO traded down $2.20 during trading on Wednesday, reaching $32.92. The company’s stock had a trading volume of 1,605,691 shares, compared to its average volume of 627,781. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.02 and a current ratio of 3.05. The company’s fifty day moving average price is $43.60 and its 200-day moving average price is $38.41. Veeco Instruments has a 52-week low of $23.63 and a 52-week high of $49.25. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -73.15 and a beta of 1.22.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). The business had revenue of $175.88 million during the quarter, compared to analysts’ expectations of $176.03 million. Veeco Instruments had a negative net margin of 2.51% and a positive return on equity of 11.97%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 earnings per share. On average, equities analysts forecast that Veeco Instruments will post 1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on VECO shares. Benchmark reiterated a buy rating and issued a $42.00 price target on shares of Veeco Instruments in a report on Wednesday. The Goldman Sachs Group boosted their price target on Veeco Instruments from $35.00 to $39.00 and gave the stock a neutral rating in a research note on Thursday, May 9th. Needham & Company LLC reaffirmed a buy rating and issued a $55.00 price objective on shares of Veeco Instruments in a research note on Wednesday. Citigroup cut Veeco Instruments from a buy rating to a neutral rating and lifted their price objective for the stock from $45.00 to $50.00 in a report on Monday, July 15th. Finally, Northland Securities lowered their target price on Veeco Instruments from $53.00 to $47.00 and set an outperform rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $46.14.

Insider Buying and Selling at Veeco Instruments

In related news, CFO John P. Kiernan sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.46, for a total transaction of $121,150.00. Following the sale, the chief financial officer now owns 94,809 shares in the company, valued at $4,594,444.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Veeco Instruments news, CFO John P. Kiernan sold 2,500 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.46, for a total transaction of $121,150.00. Following the completion of the sale, the chief financial officer now owns 94,809 shares of the company’s stock, valued at $4,594,444.14. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dennis Thomas St sold 4,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $37.72, for a total value of $150,880.00. Following the completion of the transaction, the director now owns 51,861 shares in the company, valued at $1,956,196.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,000 shares of company stock worth $1,526,205. Corporate insiders own 2.40% of the company’s stock.

About Veeco Instruments

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.