Veeco Instruments Inc. (VECO) Expected to Announce Quarterly Sales of $143.69 Million

Brokerages expect that Veeco Instruments Inc. (NASDAQ:VECO) will post $143.69 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Veeco Instruments’ earnings, with estimates ranging from $140.20 million to $146.00 million. Veeco Instruments reported sales of $93.61 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 53.5%. The company is expected to announce its next earnings report on Thursday, February 15th.

According to Zacks, analysts expect that Veeco Instruments will report full-year sales of $143.69 million for the current financial year, with estimates ranging from $481.55 million to $487.30 million. For the next year, analysts forecast that the company will post sales of $633.26 million per share, with estimates ranging from $625.40 million to $650.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Veeco Instruments.

Veeco Instruments (NASDAQ:VECO) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.16. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. The company had revenue of $131.87 million during the quarter, compared to the consensus estimate of $134.97 million. During the same period in the previous year, the firm posted ($0.05) EPS. The firm’s revenue was up 54.3% compared to the same quarter last year.

A number of brokerages recently commented on VECO. Stifel Nicolaus reiterated a “buy” rating and issued a $36.00 target price (down previously from $38.00) on shares of Veeco Instruments in a research report on Wednesday, August 9th. Benchmark reiterated a “buy” rating and issued a $33.00 target price on shares of Veeco Instruments in a research report on Thursday, October 5th. Zacks Investment Research upgraded shares of Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. BidaskClub cut shares of Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 17th. Finally, Needham & Company LLC decreased their target price on shares of Veeco Instruments from $36.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, August 30th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Veeco Instruments has an average rating of “Hold” and a consensus target price of $29.22.

Hedge funds have recently added to or reduced their stakes in the business. Boston Partners purchased a new position in shares of Veeco Instruments in the second quarter valued at about $3,485,000. Piedmont Investment Advisors LLC purchased a new position in shares of Veeco Instruments in the second quarter valued at about $289,000. California Public Employees Retirement System increased its position in shares of Veeco Instruments by 13.2% in the second quarter. California Public Employees Retirement System now owns 140,840 shares of the semiconductor company’s stock valued at $3,922,000 after acquiring an additional 16,440 shares during the period. Symphony Asset Management LLC increased its position in shares of Veeco Instruments by 66.8% in the second quarter. Symphony Asset Management LLC now owns 46,404 shares of the semiconductor company’s stock valued at $1,292,000 after acquiring an additional 18,582 shares during the period. Finally, Candriam Luxembourg S.C.A. increased its position in shares of Veeco Instruments by 100.6% in the third quarter. Candriam Luxembourg S.C.A. now owns 230,368 shares of the semiconductor company’s stock valued at $4,930,000 after acquiring an additional 115,505 shares during the period. Hedge funds and other institutional investors own 98.85% of the company’s stock.

Veeco Instruments (VECO) opened at $15.35 on Tuesday. Veeco Instruments has a 52-week low of $14.75 and a 52-week high of $34.38. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.61 and a quick ratio of 2.11.

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About Veeco Instruments

Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.

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