Caught this on CBS Marketwatch: (Today, @ 10:48 A.M.)
Veeco Instruments (VECO: news, chart, profile) reported second-quarter net income of $10 million, or 40 cents a share. In the same period a year-earlier, the chipmaker recorded a loss $14 million, or 60 cents a share. Excluding restructuring, earnings totaled 42 cents a share, beating the consensus estimate by a penny. Revenue for the period rose 11 percent to $113.5 million. Analysts had been expecting revenue of $113.1 million. The company added that it would reduce its workforce by 130 employees, or about 8 percent, a result of a slowdown in orders, particularly in its optical telecommunications business. Edward Braun, Veeco's chairman and chief executive, said, however, that the overall semiconductor industry "appears to be at a bottom." For the third quarter, Veeco forecasts earnings per share of 30 cents to 38 cents, on revenue of $100 million to $110 million, compared with consensus expectations of 37 cents and $110.5 million, respectively. Due to uncertain business conditions going forward, Veeco said it would not provide forecasts beyond the current quarter. The stock rose 54 cents to $36.65. |
