Veeco Instruments (NASDAQ:VECO) Issues Q4 Earnings Guidance

Veeco Instruments (NASDAQ:VECO - Get Free Report) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.36-$0.44 for the period, compared to the consensus EPS estimate of $0.40. The company issued revenue guidance of $175-$185 million, compared to the consensus revenue estimate of $176.08 million. Veeco Instruments also updated its FY 2024 guidance to 1.070-1.260 EPS.

Veeco Instruments Price Performance

VECO traded up $0.12 during trading on Tuesday, reaching $26.25. The stock had a trading volume of 590,835 shares, compared to its average volume of 634,404. The stock has a 50 day moving average of $27.72 and a two-hundred day moving average of $33.02. The company has a quick ratio of 2.41, a current ratio of 3.54 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 19.44 and a beta of 1.15. Veeco Instruments has a 1-year low of $25.52 and a 1-year high of $49.25.

Veeco Instruments (NASDAQ:VECO - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. The business had revenue of $184.80 million during the quarter, compared to analyst estimates of $180.57 million. Veeco Instruments had a return on equity of 10.92% and a net margin of 11.34%. The company's revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. As a group, equities analysts anticipate that Veeco Instruments will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on VECO. The Goldman Sachs Group dropped their target price on shares of Veeco Instruments from $35.00 to $30.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. StockNews.com upgraded shares of Veeco Instruments from a "sell" rating to a "hold" rating in a research report on Friday, December 6th. Oppenheimer cut their price objective on Veeco Instruments from $45.00 to $40.00 and set an "outperform" rating for the company in a research report on Thursday, November 7th. Benchmark decreased their target price on Veeco Instruments from $42.00 to $38.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Finally, Citigroup raised Veeco Instruments from a "neutral" rating to a "buy" rating and set a $33.00 target price for the company in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Veeco Instruments has an average rating of "Moderate Buy" and a consensus price target of $39.71.

Insider Activity

In other news, CFO John P. Kiernan sold 2,500 shares of the company's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $27.63, for a total value of $69,075.00. Following the transaction, the chief financial officer now owns 75,142 shares in the company, valued at $2,076,173.46. This represents a 3.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.40% of the company's stock.

About Veeco Instruments

Veeco Instruments Inc, together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.