Veeco Instruments Swings To Q1 Profit On Gains - Update

(RTTNews) - Veeco Instruments Inc. (VECO) Monday posted a profit for the first quarter from a loss last year, thanks mainly to a one-time gain of contingency accruals related to Synos acquisition and higher revenues. Adjusted loss for the quarter was lower than analysts' estimates, while revenues also trumped expectations.

Nonetheless, moving ahead, the semiconductor equipment maker detailed a weak outlook for the second quarter.

Plainview, New York-based Veeco reported first-quarter profit of $19.2 million or $0.48 per share, compared to a loss of $10.2 million or $0.26 per share last year.

Veeco's first quarter results include a one-time gain of $29 million from the reversal of Synos acquisition related contingency accruals.

On an adjusted basis, loss narrowed to $2.4 million or $0.06 per share from $7.5 million or $0.19 per share last year. On average, 16 analysts polled by Thomson Reuters expected a loss of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Veeco, which manufacture equipments that make LEDs, solar cells and data storage, said revenues for the quarter rose to $90.8 million from $61.8 million a year ago. Wall Street analysts had a revenue estimate of $89.38 million for the quarter.

Looking ahead to the second quarter, the company expects loss of $0.46 to $0.36 per share, adjusted loss of $0.23 to $0.14 per share and revenues of $87 million to $97 million. Analysts currently expect second-quarter loss of $0.11 per share on revenues of $96.84 million.

VECO closed Tuesday's trading at $36.83, up $0.58 or 1.60%, on the Nasdaq. The stock, however dropped $0.68 or 1.85% in after-hours trade.