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UPDATE 1-Veeco Q1 EPS beats by a penny, sees strong Q2
April 26, 2010 / 8:42 PM / 7 years ago

UPDATE 1-Veeco Q1 EPS beats by a penny, sees strong Q2

* Q1 adj EPS $0.49 vs $0.48 est

* Q1 rev $163.2 mln vs $163.9 mln est

* Sees Q2 adj EPS $0.78-$0.90 vs $0.59 est

* Shares rise 6 pct after the bell

April 26 (Reuters) - Chip equipment maker Veeco Instruments Inc (VECO.O) posted a slightly better-than-expected quarterly profit, helped by a growth in orders at its LED and solar segment, and forecast a strong second quarter.

The company, which makes equipment used to produce LEDs, solar cells and data storage, expects second-quarter earnings of 78 cents to 90 cents a share, before items, on revenue of $220 million to $240 million.

Analysts had expected 59 cents a share, excluding items, on revenue of $195.9 million, according to Thomson Reuters I/B/E/S.

For the first quarter, the company earned $26 million, or 62 cents a share, compared with a loss of $20.9 million, or 66 cents a share, a year ago.

Excluding items, Veeco earned 49 cents a share, above analysts’ expectations of 48 cents a share.

Revenue soared 160 percent to $163.2 million, but fell modestly short of analysts’ expectations of $163.9 million.

Light emitting diodes and solar orders were $212 million, up 20 percent on a sequential basis.

Shares of the Plainview, New York-based company were trading up 6 percent at $54.38 after the bell. They closed at $51.05 Monday on Nasdaq. (Reporting by Manasi Phadke in Bangalore; Editing by Aradhana Aravindan)

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