Veeco Instruments (NASDAQ:VECO) Issues Q4 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) issued an update on its fourth quarter earnings guidance on Tuesday morning. 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 Stock Performance

NASDAQ VECO opened at $26.25 on Wednesday. The stock has a market cap of $1.49 billion, a PE ratio of 19.44 and a beta of 1.15. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.41 and a current ratio of 3.54. The firm has a 50-day moving average of $27.72 and a 200-day moving average of $33.02. Veeco Instruments has a 52-week low of $25.52 and a 52-week high of $49.25.

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

Wall Street Analyst Weigh In

VECO has been the subject of several recent research reports. Benchmark reduced their price target on Veeco Instruments from $42.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com raised shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. Oppenheimer lowered their price target on shares of Veeco Instruments from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Citigroup raised shares of Veeco Instruments from a “neutral” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Monday, January 6th. Finally, The Goldman Sachs Group lowered their target price on shares of Veeco Instruments from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $39.71.

Insider Buying and Selling at Veeco Instruments

In related news, CFO John P. Kiernan sold 2,500 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $28.67, for a total transaction of $71,675.00. Following the sale, the chief financial officer now owns 80,142 shares in the company, valued at approximately $2,297,671.14. This trade represents a 3.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.