Veeco Instruments (NASDAQ:VECO) Issues Q4 Earnings Guidance

Veeco Instruments (NASDAQ:VECO) updated its fourth quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.36-$0.44 for the period, compared to the consensus EPS 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 Up 0.5 %

Shares of NASDAQ VECO opened at $26.25 on Wednesday. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 19.44 and a beta of 1.15. The company has a quick ratio of 2.41, a current ratio of 3.54 and a debt-to-equity ratio of 0.33. The firm’s 50-day simple moving average is $27.72 and its 200 day simple moving average is $33.02. Veeco Instruments has a 12-month low of $25.52 and a 12-month high of $49.25.

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

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, CFO John P. Kiernan sold 2,500 shares of Veeco Instruments stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $27.63, for a total transaction of $69,075.00. Following the completion of the transaction, the chief financial officer now 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 SEC, which is accessible through this hyperlink. 2.40% of the stock is 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.