UPDATE 1-Veeco shrs fall as bookings decline, deliveries delayed
Mon Oct 25, 2010 6:04pm EDT
reuters.com
* Q3 bookings down 20 pct sequentially
* Q3 adj EPS $1.46 vs est $1.26
* Sees Q4 adj EPS $1.46-$1.74 vs est $1.47
* Sees Q4 rev $285-$320 mln vs est $310.5
* Shares down 7 pct in extended trade
Oct 25 (Reuters) - Chip-equipment maker Veeco Instruments Inc (VECO.O) posted its first sequential fall in bookings in at least six quarters and said several customers delayed shipment delivery dates, sending its shares down 7 percent in after-market trade.
The company reported a 20 percent sequential fall in bookings during the third quarter and said several customers in Korea and Taiwan have rescheduled tool shipments from the fourth quarter into the first quarter.
Veeco, which makes equipment used to produce LEDs, solar cells and data storage, expects fourth-quarter earnings of $1.46-$1.74 per share, excluding items, on revenue of $285-$320 million.
Analysts were looking for fourth-quarter earnings of $1.47 a share, excluding items, on revenue of $310.5 million, according to Thomson Reuters I/B/E/S.
For the third quarter, Veeco reported net income of $91.1 million, or $2.16 per share, from continuing operations, compared with $31,000, or 4 cents a share, a year ago.
Excluding items, the company, which competes with German technology group Aixtron (AIXGn.DE), solar equipment maker Centrotherm (CTNG.DE) and Nippon Sanso (4091.T), earned $1.46 a share, ahead of analysts' expectations of $1.26 a share.
Revenue at Veeco, which counts Philips Lumileds (PHG.AS), Bridgelux LED and Osram among its customers, more than tripled to $277.1 million, while analysts were expecting $275.2 million.
During the third quarter, the company sold its metrology segment -- which contributed 25 percent to its revenue in 2009 -- to scientific-instrument maker Bruker Corp (BRKR.O) for $229 million in cash.
The Plainview, New York-based company's shares, which have lost 13 percent since it reported second-quarter results in late July, were down 7 percent at $37.01 after the bell. (Reporting by Swati Chitnis in Bangalore; Editing by Vinu Pilakkott) |
