Veeco Instruments Inc (VECO) Reports 3.2% Revenue Increase and 64% Net Income Rise in Q3 2023
Veeco Instruments Inc (NASDAQ:VECO) reported a 3.2% increase in revenue to $177.4 million in Q3 2023, up from $171.9 million in Q3 2022.
Net income rose by 64% to $24.6 million in Q3 2023, compared to $15 million in the same quarter last year.
Diluted earnings per share increased to $0.42 in Q3 2023, up from $0.27 in Q3 2022.
Non-GAAP operating income was $32.7 million in Q3 2023, a 15.1% increase from $28.4 million in Q3 2022.
Veeco Instruments Inc (NASDAQ:VECO) announced its financial results for the third quarter ended September 30, 2023, on November 6, 2023. The company reported strong top and bottom-line results, with revenue and net income both exceeding the high-end of its guidance.
Financial Performance
The company's revenue increased by 3.2% to $177.4 million in Q3 2023, up from $171.9 million in the same quarter last year. Net income saw a significant rise of 64% to $24.6 million in Q3 2023, compared to $15 million in Q3 2022. Diluted earnings per share also increased to $0.42 in Q3 2023, up from $0.27 in Q3 2022.
Non-GAAP Results
On a non-GAAP basis, operating income was $32.7 million in Q3 2023, a 15.1% increase from $28.4 million in Q3 2022. Non-GAAP net income was $31 million in Q3 2023, up from $26 million in the same quarter last year. Non-GAAP diluted earnings per share were $0.53 in Q3 2023, compared to $0.45 in Q3 2022.
CEO Commentary
Veeco reported another quarter of strong top and bottom-line results, both above the high-end of our guidance," commented Bill Miller, Ph.D., Veecos Chief Executive Officer. "In addition, our strategic initiative to grow in the Semiconductor market continues to gain traction. Veeco had several key business wins during the quarter, and we recently shipped our first Nanosecond Annealing system to a Tier 1 logic customer for evaluation. We view this as an important milestone in expanding laser annealing into a broad range of new Semiconductor applications."
Financial Position
As of September 30, 2023, Veeco Instruments Inc (NASDAQ:VECO) had cash and cash equivalents of $156.4 million and short-term investments of $130.1 million. The company's total assets were $1.25 billion, and total liabilities were $601.8 million.
Outlook
Veeco Instruments Inc (NASDAQ:VECO) has provided guidance for its fourth quarter 2023, but details were not disclosed in the earnings report.
Explore the complete 8-K earnings release (here) from Veeco Instruments Inc for further details.
This article first appeared on GuruFocus.
