Veeco Instruments (NASDAQ:VECO) Updates Q4 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.35-0.45 for the period, compared to the consensus earnings per share estimate of $0.46. The company issued revenue guidance of $165-185 million, compared to the consensus revenue estimate of $183.53 million. Veeco Instruments also updated its Q4 2024 guidance to 0.350-0.450 EPS.

Veeco Instruments Trading Up 3.3 %

VECO stock traded up $0.96 during mid-day trading on Wednesday, reaching $30.10. The company’s stock had a trading volume of 826,235 shares, compared to its average volume of 659,968. Veeco Instruments has a 12 month low of $26.11 and a 12 month high of $49.25. The company has a current ratio of 3.52, a quick ratio of 2.32 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average price is $31.43 and its 200 day moving average price is $37.56. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 20.67 and a beta of 1.17.

Veeco Instruments (NASDAQ:VECO) last released its 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). The company had revenue of $175.88 million for the quarter, compared to analyst estimates of $176.03 million. Veeco Instruments had a net margin of 11.83% and a return on equity of 12.03%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 EPS. On average, equities research analysts predict that Veeco Instruments will post 1.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VECO. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Veeco Instruments in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. The Goldman Sachs Group reduced their price objective on shares of Veeco Instruments from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Northland Securities lowered their target price on shares of Veeco Instruments from $53.00 to $47.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Benchmark reiterated a “buy” rating and set a $42.00 price target on shares of Veeco Instruments in a research note on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.57.

Insiders Place Their Bets

In related news, CFO John P. Kiernan sold 2,500 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $32.63, for a total transaction of $81,575.00. Following the completion of 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.20% 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.