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UPDATE 1-Veeco 1st-qtr tops estimates, shares rise
April 30, 2012 / 10:20 PM / 6 years ago

UPDATE 1-Veeco 1st-qtr tops estimates, shares rise

* Sees Q2 adj EPS $0.29-$0.48

* Sees Q2 rev $120-$145 million

* Q1 rev 139.9 mln vs est $126 mln

* Q1 adj EPS $0.49 vs $0.19

* Shares up 15 percent

April 30 (Reuters) - Veeco Instruments Inc’s first-quarter results handily beat analysts’ lowered estimates and the chip-equipment maker guided a strong second quarter, sending its shares up 15 percent in extended trade.

The company, which makes certain equipment critical in LED production, has seen orders dry out as solar cell makers clamp down on expansion and a glut in the LED market.

However, LED and solar gear orders jumped during the quarter, helping the Veeco top analysts’ muted estimates.

Veeco expects 29 to 48 cents a share in adjusted earnings on revenue of $120 million to $145 million in the second quarter.

Analysts on average were looking for a 23 cents a share profit on $128.2 million in revenue for the period, according to Thomson Reuters I/B/E/S.

First-quarter revenue fell to $139.9 million, but topped the $126 million pegged by analysts.

During the period, the company earned $16.5 million, or 42 cents a share, down from $58 million, or $1.36 a share last year.

Excluding items, it earned a 49 cent a share profit, above the 19 cent a share expected by analysts.

Shares of the company closed at $30.19 on Monday on the Nasdaq. They were up 15 percent at $35.20 in after-market trading.

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