Veeco: Fiscal 4Q23 Financial Results

4FQ23 Highlights:

• Revenue of $173.9 million, compared with $153.8 million in 4FQ22
• GAAP net income of $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in 4FQ22
• Non-GAAP net income of $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in 4FQ22

FY23 Highlights:

• Revenue of $666.4 million, compared with $646.1 million in FY22
• GAAP net loss of $30.4 million, or $0.56 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $166.9 million, or $2.71 earnings per diluted share in FY22
• Non-GAAP net income of $98.3 million, or $1.69 per diluted share, compared with $89.6 million, or $1.57 per diluted share in FY22

Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2023.

“2023 was a critical year for Veeco, highlighted by our semiconductor business outperforming WFE growth for the 3rd consecutive year,” commented Bill Miller, Ph.D., CEO. “I’m proud to say we successfully grew the business, improved profitability, and most importantly, laid the groundwork for future growth. We achieved a significant milestone by shipping evaluation systems for 2 important core technologies in Nanosecond Annealing and Ion Beam Deposition. These technologies enable our customers to fabricate devices that enable higher performance and reduced power consumption.”

Guidance for 1FQ24

• Revenue in the range of $160 million to $180 million
• GAAP diluted earnings per share in the range of $0.22 to $0.33
• Non-GAAP diluted earnings per share in the range of $0.36 to $0.46