Veeco Instruments Inc. (NASDAQ:VECO) Q4 2023 Earnings Call Transcript
Veeco Instruments Inc. (NASDAQ:VECO) Q4 2023 Earnings Call Transcript February 14, 2024
Veeco Instruments Inc. beats earnings expectations. Reported EPS is $0.51, expectations were $0.43. Veeco Instruments Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings, and welcome to the Veeco's Quarter and Full Year Q4 2023 Earnings Call. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. [Operator instructions] Reminder, this conference is being recorded. My pleasure to introduce your host, Anthony Pappone, Head of Investor Relations. Thank you, sir.
Anthony Pappone: Thank you, and good afternoon, everyone. Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer; and John Kiernan, our Chief Financial Officer. Today's earnings release and slide presentation to accompany today's webcast is available on the Veeco website. To the extent that this call discusses expectations for future revenues, future earnings, market conditions, or otherwise makes statements about the future, these forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks are discussed in detail in our Form 10-K, Annual Report and other SEC filings.
Veeco does not undertake any obligation to update any forward-looking statements, including those made on this call, to reflect future events or circumstances after the date of such statements. Please note, unless otherwise noted, management will address non-GAAP financial results. We encourage you to refer to our reconciliation between GAAP and non-GAAP results, which you can find in our press release and at the end of the earnings presentation. With that, I will turn the call over to our CEO, Bill Miller.
William Miller: Thank you, Anthony. 2023 was a successful year for Veeco. I'm proud to say we grew the business, improved profitability, and most importantly, laid the groundwork for future growth by advancing our product roadmaps. Veeco reached two strategic milestones during the year. First, we launched our next-generation nanosecond annealing solution. And second, we launched our ion beam deposition system for low-resistance metals. Each of these technologies enables our customer to fabricate devices with higher performance and lower power consumption. Revenue from our semiconductor business reached a record in 2023, outperforming WFE growth for the third consecutive year. Our strong results included multiple laser annealing systems for advanced DRAM devices, despite industry-wide CapEx reductions, as well as our first HVM laser annealing systems to our third leading Logic customer.
While investing for growth is essential to our strategy, we're equally focused on growing profitability. Our team's execution allowed us to grow non-GAAP gross margin, operating income, and EPS. Lastly, we continue to allocate capital towards organic growth initiatives. In the second half of 2023, we shipped multiple EVALuation systems of key technologies and expect to further the valuation program in 2024. We believe these investments will lead to significant served available market expansion. Switching gears to our full-year financial highlights, Veeco reported another year of top and bottom line growth, with results coming in near or above the high end of our updated 2023 guidance. Revenue totaled $666 million, led by semiconductor revenue, which increased 12% year-over-year.
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