PLAINVIEW, N.Y. (AP) -- Veeco Instruments Inc., a maker of precision manufacturing equipment for the light-emitting diode and data storage markets, said Monday that its third-quarter net income fell by more than half as revenue slipped due to weak LED industry demand and decreased business activity in China.It also issued a disappointing outlook for the fourth quarter.Net income in the three months to Sept. 30 fell to $35.9 million, or 90 cents per share, from $86.2 million, or $2.04 per share, a year earlier.Adjusted to exclude stock-based compensation and amortization, earnings came to $1.33 per share, above the $1.14 expected by analysts polled by FactSet.Revenue fell 3.3 percent to $268.0 million from $277.1 million a year ago. Analysts were looking for revenue of $253 million.The company said it expects fourth-quarter revenue of $175 million to $215 million with adjusted earnings per share of 54 cents to 86 cents per shareThat's far below the $235.4 million in revenue and $1.03 per share in earnings that analysts polled by FactSet had estimated.For the full year, Veeco expects $963 million to $1 billion in revenue and adjusted earnings of $4.81 to $5.11 per share. Analysts are expecting $1.0 billion in revenue on $4.82 per share in earnings.Veeco shares fell $1.75, or 6.5 percent, to $25.30 in after-hours trading. They closed at $27.05 in the regular session, up $1.61 for the day.
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