Veeco Instruments (VECO) to Release Earnings on Wednesday

Veeco Instruments (NASDAQ:VECO) is set to announce its earnings results after the market closes on Wednesday, November 6th. Analysts expect the company to announce earnings of $0.45 per share for the quarter. Veeco Instruments has set its Q3 guidance at $0.39-0.49 EPS and its Q3 2024 guidance at 0.390-0.490 EPS.Individual interested in participating in the company’s earnings conference call can do so using this link.

Veeco Instruments (NASDAQ:VECO) last released its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Veeco Instruments had a return on equity of 12.03% and a net margin of 11.83%. The firm had revenue of $175.88 million during the quarter, compared to analysts’ expectations of $176.03 million. During the same quarter last year, the business earned $0.21 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis. On average, analysts expect Veeco Instruments to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Veeco Instruments Price Performance

NASDAQ VECO opened at $29.98 on Wednesday. The company has a 50-day moving average price of $32.23 and a 200-day moving average price of $37.76. The company has a quick ratio of 2.32, a current ratio of 3.52 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $1.70 billion, a P/E ratio of -66.62 and a beta of 1.16. Veeco Instruments has a 52 week low of $23.63 and a 52 week high of $49.25.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Northland Securities cut their price target on Veeco Instruments from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of Veeco Instruments in a research note on Wednesday, August 7th. Citigroup downgraded Veeco Instruments from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $45.00 to $50.00 in a research report on Monday, July 15th. The Goldman Sachs Group reduced their price objective on shares of Veeco Instruments from $39.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, StockNews.com downgraded Veeco Instruments from a “hold” rating to a “sell” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $45.57.

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.