Veeco Instruments (NASDAQ:VECO) Issues Q4 2024 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.350-0.450 for the period, compared to the consensus estimate of 0.460. The company issued revenue guidance of $165.0 million-$185.0 million, compared to the consensus revenue estimate of $183.0 million. Veeco Instruments also updated its Q4 guidance to $0.35-0.45 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. StockNews.com raised Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Oppenheimer cut their price objective on Veeco Instruments from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Thursday. Northland Securities lowered their price objective on shares of Veeco Instruments from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $55.00 price target on shares of Veeco Instruments in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group dropped their target price on Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.14.

Veeco Instruments Price Performance

Shares of VECO traded down $0.40 during mid-day trading on Friday, hitting $28.68. 694,572 shares of the company were exchanged, compared to its average volume of 661,573. The company has a 50 day moving average of $31.08 and a 200-day moving average of $37.43. Veeco Instruments has a 1-year low of $26.23 and a 1-year high of $49.25. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 21.24 and a beta of 1.17. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.32 and a current ratio of 3.52.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.01). The company had revenue of $175.88 million for the quarter, compared to analysts’ expectations of $176.03 million. Veeco Instruments had a return on equity of 11.13% and a net margin of 11.34%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 EPS. Analysts expect that Veeco Instruments will post 1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Veeco Instruments news, CFO John P. Kiernan sold 2,500 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $32.63, for a total value of $81,575.00. Following the sale, the chief financial officer now directly owns 82,642 shares of the company’s stock, valued at approximately $2,696,608.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is owned by corporate insiders.

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.