Veeco: Fiscal 1Q22 Financial Results

(in $ million)	1Q21	1Q22	Growth
Revenue	133.7	156.4	*17%*
Net income (loss)	2.5	13.3

Veeco Instruments Inc. announced financial results for its first quarter ended March 31, 2022.

“Veeco is experiencing healthy demand for our products and we delivered solid first quarter results above the midpoint of our guidance, with revenue growing 17% from the first quarter last year,” commented Bill Miller, CFO. “Consistent with our growth strategy, sales in both our semiconductor and compound semiconductor markets increased 50% over the same time period.

“While facing industry-wide cost increases and supply chain disruptions related to inbound material lead times, logistics and labor, the Veeco United team is working diligently to meet our customers’ increasing demands. Looking at the full year, we are on pace to deliver on our 2022 revenue target.”

Outlook for 2FQ22
• Revenue in the range of $150 million to $170 million
• GAAP diluted earnings per share in the range of $0.05 to $0.19
• Non-GAAP diluted earnings per share in the range of $0.22 to $0.34

Comments

The company records global revenue of $156.4 million, compared with $133.7 million in 1FQ21, up 17%.

Among its multiple businesses, it is involved in storage with ion-beam etch and deposition processes for thin-film magnetic heads for high-density HDDs.

Its third major market, this activity represented sales of $21.6 million in 1FQ22 - or 14% of total revenue - representing compared to $36.5 million in 4FQ21 (-41%) and $41.0 million in 1FQ21 (-47%).

The company commented: "HDD exabyte capacity shipped is expected to grow for the foreseeable future as hyperscalers and enterprises upgrade their storage capabilities. This corresponds to an increase in hard drive capacities and overall number of heads shipped. Based on discussions with customers, we forecast data storage equipment shipments will grow in 2023 after an absorption period this year."

It expects storage business to be down about 4% in FY22.

Based on discussions with customers, Veeco forecast storage equipment shipments will grow in 2023 after an absorption period this year.