Veeco Instruments (NASDAQ:VECO) Releases Q4 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.36-$0.44 for the period, compared to the consensus earnings per share estimate of $0.40. The company issued revenue guidance of $175-$185 million, compared to the consensus revenue estimate of $176.08 million. Veeco Instruments also updated its FY 2024 guidance to 1.070-1.260 EPS.

Veeco Instruments Price Performance

Veeco Instruments stock opened at $26.78 on Thursday. The firm has a market cap of $1.52 billion, a PE ratio of 19.84 and a beta of 1.15. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.54 and a quick ratio of 2.41. The stock’s fifty day moving average price is $27.67 and its two-hundred day moving average price is $32.88. Veeco Instruments has a one year low of $25.52 and a one year high of $49.25.

Veeco Instruments (NASDAQ:VECO) last released its earnings results on Wednesday, November 6th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. The company had revenue of $184.80 million for the quarter, compared to analyst estimates of $180.57 million. Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. Veeco Instruments’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. As a group, research analysts expect that Veeco Instruments will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VECO. Citigroup raised shares of Veeco Instruments from a “neutral” rating to a “buy” rating and set a $33.00 price target for the company in a report on Monday, January 6th. The Goldman Sachs Group cut their target price on Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. StockNews.com upgraded Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. Oppenheimer dropped 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, November 7th. Finally, Benchmark decreased their target price on Veeco Instruments from $42.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Veeco Instruments presently has an average rating of “Moderate Buy” and a consensus price target of $39.71.

Insider Buying and Selling

In other Veeco Instruments news, CFO John P. Kiernan sold 2,500 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $27.63, for a total value of $69,075.00. Following the completion of the transaction, the chief financial officer now directly owns 75,142 shares in the company, valued at approximately $2,076,173.46. This trade represents a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is currently owned by corporate insiders.

Veeco Instruments Company Profile

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.