Veeco Reports Third Quarter 2024 Financial Results
Veeco Instruments (NASDAQ: VECO) reported Q3 2024 financial results with revenue of $184.8 million, up from $177.4 million year-over-year. GAAP net income was $22.0 million ($0.36 per diluted share), compared to $24.6 million ($0.42 per diluted share) in Q3 2023. The Semiconductor business grew 26% year-over-year and 13% sequentially. For Q4 2024, Veeco expects revenue between $165-185 million, with GAAP EPS of $0.18-0.27 and non-GAAP EPS of $0.35-0.45.
Veeco Instruments (NASDAQ: VECO) ha riportato i risultati finanziari del terzo trimestre del 2024, con un fatturato di 184,8 milioni di dollari, in aumento rispetto ai 177,4 milioni di dollari dell'anno precedente. L'utile netto GAAP è stato di 22,0 milioni di dollari (0,36 dollari per azione diluita), rispetto ai 24,6 milioni di dollari (0,42 dollari per azione diluita) nel terzo trimestre del 2023. Il business dei semiconduttori è cresciuto del 26% anno su anno e del 13% rispetto al trimestre precedente. Per il quarto trimestre del 2024, Veeco prevede un fatturato compreso tra 165 e 185 milioni di dollari, con un utile per azione GAAP di 0,18-0,27 dollari e un utile per azione non GAAP di 0,35-0,45 dollari.
Veeco Instruments (NASDAQ: VECO) informó los resultados financieros del tercer trimestre de 2024, con ingresos de 184,8 millones de dólares, en comparación con los 177,4 millones de dólares del año anterior. El ingreso neto GAAP fue de 22,0 millones de dólares (0,36 dólares por acción diluida), en comparación con 24,6 millones de dólares (0,42 dólares por acción diluida) en el tercer trimestre de 2023. El negocio de semiconductores creció un 26% interanual y un 13% secuencialmente. Para el cuarto trimestre de 2024, Veeco espera ingresos entre 165 y 185 millones de dólares, con un EPS GAAP de 0,18-0,27 dólares y un EPS no GAAP de 0,35-0,45 dólares.
Veeco Instruments (NASDAQ: VECO)는 2024년 3분기 재무 결과를 발표했으며, 수익은 1억8480만 달러로, 전년 동기 대비 1억7740만 달러에서 증가했습니다. GAAP 순이익은 2200만 달러(희석 주당 0.36 달러)였으며, 2023년 3분기의 2460만 달러(희석 주당 0.42 달러)와 비교됩니다. 반도체 사업부는 전년 대비 26%, 전분기 대비 13% 성장했습니다. 2024년 4분기에는 Veeco가 1억6500만에서 1억8500만 달러의 수익을 예상하고 있으며, GAAP 주당 순이익은 0.18-0.27달러, 비GAAP 주당 순이익은 0.35-0.45 달러로 예상하고 있습니다.
Veeco Instruments (NASDAQ: VECO) a publié ses résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires de 184,8 millions de dollars, en hausse par rapport à 177,4 millions de dollars l'année précédente. Le bénéfice net selon les normes GAAP était de 22,0 millions de dollars (0,36 dollar par action diluée), contre 24,6 millions de dollars (0,42 dollar par action diluée) au troisième trimestre 2023. L'activité semi-conducteurs a crû de 26 % d'une année sur l'autre et de 13 % par rapport au trimestre précédent. Pour le quatrième trimestre 2024, Veeco prévoit un chiffre d'affaires compris entre 165 et 185 millions de dollars, avec un BPA GAAP de 0,18-0,27 dollar et un BPA non-GAAP de 0,35-0,45 dollar.
Veeco Instruments (NASDAQ: VECO) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 184,8 Millionen Dollar, ein Anstieg gegenüber 177,4 Millionen Dollar im Vorjahr. Der GAAP-Reingewinn betrug 22,0 Millionen Dollar (0,36 Dollar pro verwässerter Aktie), im Vergleich zu 24,6 Millionen Dollar (0,42 Dollar pro verwässerter Aktie) im dritten Quartal 2023. Das Halbleitergeschäft wuchs um 26 % im Jahresvergleich und um 13 % im Quartalsvergleich. Für das vierte Quartal 2024 erwartet Veeco einen Umsatz zwischen 165 und 185 Millionen Dollar, mit einem GAAP-EPS von 0,18-0,27 Dollar und einem Nicht-GAAP-EPS von 0,35-0,45 Dollar.
- Revenue increased 4.2% year-over-year to $184.8 million
- Semiconductor business grew 26% year-over-year and 13% sequentially
- Q3 results exceeded mid-point of guidance
- GAAP net income decreased 10.6% year-over-year to $22.0 million
- GAAP EPS declined from $0.42 to $0.36 year-over-year
- Q4 guidance suggests potential sequential revenue decline
Insights
Veeco's Q3 results show a mixed performance with
Q4 guidance of
Third Quarter 2024 Highlights:
- Revenue of
$184.8 million , compared with$177.4 million in the same period last year - GAAP net income of
$22.0 million , or$0.36 per diluted share, compared with$24.6 million , or$0.42 per diluted share in the same period last year - Non-GAAP net income of
$28.3 million , or$0.46 per diluted share, compared with$31.0 million , or$0.53 per diluted share in the same period last year
PLAINVIEW, N.Y., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its third quarter ended September 30, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
U.S. Dollars in millions, except per share data | ||||||||
GAAP Results | Q3 '24 | Q3 '23 | ||||||
Revenue | $ | 184.8 | $ | 177.4 | ||||
Net income | $ | 22.0 | $ | 24.6 | ||||
Diluted earnings per share | $ | 0.36 | $ | 0.42 |
Non-GAAP Results | Q3 '24 | Q3 '23 | ||||||
Operating income | $ | 31.0 | $ | 32.7 | ||||
Net income | $ | 28.3 | $ | 31.0 | ||||
Diluted earnings per share | $ | 0.46 | $ | 0.53 | ||||
“Veeco reported solid third quarter results above the mid-point of our guidance, led by record Semiconductor revenue,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “Our Semiconductor business grew
Guidance and Outlook
The following guidance is provided for Veeco’s fourth quarter 2024:
- Revenue is expected in the range of
$165 million to$185 million - GAAP diluted earnings per share are expected in the range of
$0.18 t o$0.27 - Non-GAAP diluted earnings per share are expected in the range of
$0.35 t o$0.45
Conference Call Information
A conference call reviewing these results has been scheduled for today, November 6, 2024 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.
About Veeco
Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.
Forward-looking Statements
This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
-financial tables attached-
Veeco Contacts: | |||
Investors: | Anthony Pappone | (516) 500-8798 | apappone@veeco.com |
Media: | Brenden Wright | (410) 984-2610 | bwright@veeco.com |
Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net sales | $ | 184,807 | $ | 177,366 | $ | 535,170 | $ | 492,511 | |||||||
Cost of sales | 105,596 | 100,489 | 305,150 | 286,107 | |||||||||||
Gross profit | 79,211 | 76,877 | 230,020 | 206,404 | |||||||||||
Operating expenses, net: | |||||||||||||||
Research and development | 32,216 | 28,817 | 93,554 | 83,762 | |||||||||||
Selling, general, and administrative | 25,291 | 22,814 | 74,586 | 69,263 | |||||||||||
Amortization of intangible assets | 1,687 | 2,123 | 5,403 | 6,358 | |||||||||||
Other operating expense (income), net | (4,318 | ) | 860 | (6,625 | ) | 1,264 | |||||||||
Total operating expenses, net | 54,876 | 54,614 | 166,918 | 160,647 | |||||||||||
Operating income | 24,335 | 22,263 | 63,102 | 45,757 | |||||||||||
Interest income (expense), net | 323 | 247 | 1,377 | (1,187 | ) | ||||||||||
Other income (expense), net | — | — | — | (97,091 | ) | ||||||||||
Income (loss) before income taxes | 24,658 | 22,510 | 64,479 | (52,521 | ) | ||||||||||
Income tax expense (benefit) | 2,707 | (2,064 | ) | 5,730 | (516 | ) | |||||||||
Net income (loss) | $ | 21,951 | $ | 24,574 | $ | 58,749 | $ | (52,005 | ) | ||||||
Income (loss) per common share: | |||||||||||||||
Basic | $ | 0.39 | $ | 0.44 | $ | 1.04 | $ | (0.98 | ) | ||||||
Diluted | $ | 0.36 | $ | 0.42 | $ | 0.97 | $ | (0.98 | ) | ||||||
Weighted average number of shares: | |||||||||||||||
Basic | 56,410 | 55,352 | 56,256 | 52,978 | |||||||||||
Diluted | 62,654 | 59,636 | 62,103 | 52,978 | |||||||||||
Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) | |||||||
September 30, | December 31, | ||||||
2024 | 2023 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 163,228 | $ | 158,781 | |||
Restricted cash | 258 | 339 | |||||
Short-term investments | 157,534 | 146,664 | |||||
Accounts receivable, net | 132,347 | 103,018 | |||||
Contract assets | 30,795 | 24,370 | |||||
Inventories | 242,123 | 237,635 | |||||
Prepaid expenses and other current assets | 34,692 | 35,471 | |||||
Total current assets | 760,977 | 706,278 | |||||
Property, plant and equipment, net | 112,677 | 118,459 | |||||
Operating lease right-of-use assets | 26,695 | 24,377 | |||||
Intangible assets, net | 38,542 | 43,945 | |||||
Goodwill | 214,964 | 214,964 | |||||
Deferred income taxes | 115,777 | 117,901 | |||||
Other assets | 3,240 | 3,117 | |||||
Total assets | $ | 1,272,872 | $ | 1,229,041 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 50,049 | $ | 42,383 | |||
Accrued expenses and other current liabilities | 57,117 | 57,624 | |||||
Contract liabilities | 80,468 | 118,026 | |||||
Income taxes payable | 1,060 | — | |||||
Current portion of long-term debt | 26,473 | — | |||||
Total current liabilities | 215,167 | 218,033 | |||||
Deferred income taxes | 6,383 | 6,552 | |||||
Long-term debt | 249,402 | 274,941 | |||||
Long-term operating lease liabilities | 34,421 | 31,529 | |||||
Other liabilities | 20,980 | 25,544 | |||||
Total liabilities | 526,353 | 556,599 | |||||
Total stockholders’ equity | 746,519 | 672,442 | |||||
Total liabilities and stockholders’ equity | $ | 1,272,872 | $ | 1,229,041 | |||
Note on Reconciliation Tables
The below tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.
These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.
Reconciliation of GAAP to Non-GAAP Financial Data (Q3 2024) (in thousands) (unaudited) | |||||||||||||||||||||
Non-GAAP Adjustments | |||||||||||||||||||||
Three months ended September 30, 2024 | GAAP | Share-Based Compensation | Amortization | Other | Non-GAAP | ||||||||||||||||
Net sales | $ | 184,807 | $ | 184,807 | |||||||||||||||||
Gross profit | 79,211 | 1,565 | 162 | 80,938 | |||||||||||||||||
Gross margin | 42.9 | % | 43.8 | % | |||||||||||||||||
Operating expenses | 54,876 | (7,894 | ) | (1,687 | ) | 4,644 | 49,939 | ||||||||||||||
Operating income | 24,335 | 9,459 | 1,687 | (4,482 | ) | ^ | 30,999 | ||||||||||||||
Net income | 21,951 | 9,459 | 1,687 | (4,836 | ) | ^ | 28,261 |
_________________
^ - See table below for additional details.
Other Non-GAAP Adjustments (Q3 2024) (in thousands) (unaudited) | |||
Three months ended September 30, 2024 | |||
Changes in contingent consideration | $ | (4,644 | ) |
Release of inventory fair value step-up associated with the Epiluvac purchase accounting | 162 | ||
Subtotal | (4,482 | ) | |
Non-cash interest expense | 323 | ||
Non-GAAP tax adjustment * | (677 | ) | |
Total Other | $ | (4,836 | ) |
_________________
* The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.
Net Income per Common Share (Q3 2024) (in thousands, except per share amounts) (unaudited) | |||||||
Three months ended September 30, 2024 | |||||||
GAAP | Non-GAAP | ||||||
Numerator: | |||||||
Net income | $ | 21,951 | $ | 28,261 | |||
Interest expense associated with 2025 and 2027 Convertible Senior Notes | 515 | 466 | |||||
Net income available to common shareholders | $ | 22,466 | $ | 28,727 | |||
Denominator: | |||||||
Basic weighted average shares outstanding | 56,410 | 56,410 | |||||
Effect of potentially dilutive share-based awards | 1,606 | 1,606 | |||||
Dilutive effect of 2025 Convertible Senior Notes | 1,104 | 1,104 | |||||
Dilutive effect of 2027 Convertible Senior Notes (1) | 1,788 | 1,354 | |||||
Dilutive effect of 2029 Convertible Senior Notes | 1,746 | 1,746 | |||||
Diluted weighted average shares outstanding | 62,654 | 62,220 | |||||
Net income per common share: | |||||||
Basic | $ | 0.39 | $ | 0.50 | |||
Diluted | $ | 0.36 | $ | 0.46 |
_________________
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of
Reconciliation of GAAP to Non-GAAP Financial Data (Q3 2023) (in thousands) (unaudited) | |||||||||||||||||||||
Non-GAAP Adjustments | |||||||||||||||||||||
Three months ended September 30, 2023 | GAAP | Share-based Compensation | Amortization | Other | Non-GAAP | ||||||||||||||||
Net sales | $ | 177,366 | $ | 177,366 | |||||||||||||||||
Gross profit | 76,877 | 1,556 | 78,433 | ||||||||||||||||||
Gross margin | 43.3 | % | 44.2 | % | |||||||||||||||||
Operating expenses | 54,614 | (5,864 | ) | (2,123 | ) | (911 | ) | 45,716 | |||||||||||||
Operating income | 22,263 | 7,420 | 2,123 | 911 | ^ | 32,717 | |||||||||||||||
Net income | 24,574 | 7,420 | 2,123 | (3,077 | ) | ^ | 31,040 |
_________________
^ See table below for additional details.
Other Non-GAAP Adjustments (Q3 2023) (in thousands) (unaudited) | |||
Three months ended September 30, 2023 | |||
Changes in contingent consideration | $ | 818 | |
Acquisition related | 93 | ||
Subtotal | 911 | ||
Non-cash interest expense | 311 | ||
Non-GAAP tax adjustment * | (4,299 | ) | |
Total Other | $ | (3,077 | ) |
_________________
* - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.
Net Income per Common Share (Q3 2023) (in thousands, except per share amounts) (unaudited) | |||||||
Three months ended September 30, 2023 | |||||||
GAAP | Non-GAAP | ||||||
Numerator: | |||||||
Net income | $ | 24,574 | $ | 31,040 | |||
Interest expense associated with 2025 and 2027 Convertible Senior Notes | 513 | 466 | |||||
Net income available to common shareholders | $ | 25,087 | $ | 31,506 | |||
Denominator: | |||||||
Basic weighted average shares outstanding | 55,352 | 55,352 | |||||
Effect of potentially dilutive share-based awards | 1,391 | 1,391 | |||||
Dilutive effect of 2025 Convertible Senior Notes | 1,104 | 1,104 | |||||
Dilutive effect of 2027 Convertible Senior Notes (1) | 1,789 | 1,355 | |||||
Diluted weighted average shares outstanding | 59,636 | 59,202 | |||||
Net income per common share: | |||||||
Basic | $ | 0.44 | $ | 0.56 | |||
Diluted | $ | 0.42 | $ | 0.53 |
_________________
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of
Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q3 2024 and 2023) (in thousands) (unaudited) | |||||||
Three months ended | Three months ended | ||||||
September 30, 2024 | September 30, 2023 | ||||||
GAAP Net income | $ | 21,951 | $ | 24,574 | |||
Share-based compensation | 9,459 | 7,420 | |||||
Amortization | 1,687 | 2,123 | |||||
Changes in contingent consideration | (4,644 | ) | 818 | ||||
Release of inventory fair value step-up associated with the Epiluvac purchase accounting | 162 | — | |||||
Acquisition related | — | 93 | |||||
Interest (income) expense, net | (323 | ) | (247 | ) | |||
Income tax expense | 2,707 | (2,064 | ) | ||||
Non-GAAP Operating income | $ | 30,999 | $ | 32,717 | |||
Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2024) (in millions, except per share amounts) (unaudited) | ||||||||||||||||||||||||||||
Non-GAAP Adjustments | ||||||||||||||||||||||||||||
Guidance for the three months ending December 31, 2024 | GAAP | Share-based Compensation | Amortization | Other | Non-GAAP | |||||||||||||||||||||||
Net sales | $ | 165 | - | $ | 185 | $ | 165 | - | $ | 185 | ||||||||||||||||||
Gross profit | 70 | - | 79 | 2 | — | — | 72 | - | 81 | |||||||||||||||||||
Gross margin | - | - | ||||||||||||||||||||||||||
Operating expenses | 58 | - | 60 | (8 | ) | (2 | ) | — | 48 | - | 51 | |||||||||||||||||
Operating income | 12 | - | 19 | 10 | 2 | — | 23 | - | 30 | |||||||||||||||||||
Net income | $ | 10 | - | $ | 16 | 10 | 2 | (1 | ) | $ | 21 | - | $ | 27 | ||||||||||||||
Income per diluted common share | $ | 0.18 | - | $ | 0.27 | $ | 0.35 | - | $ | 0.45 | ||||||||||||||||||
Income per Diluted Common Share (Q4 2024) (in millions, except per share amounts) (unaudited) | ||||||||||||||||
Guidance for the three months ending December 31, 2024 | GAAP | Non-GAAP | ||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 10 | - | $ | 16 | $ | 21 | - | $ | 27 | ||||||
Interest expense associated with convertible notes | — | 1 | — | — | ||||||||||||
Net income available to common shareholders | $ | 10 | - | $ | 17 | $ | 21 | - | $ | 27 | ||||||
Denominator: | ||||||||||||||||
Basic weighted average shares outstanding | 56 | 56 | 56 | 56 | ||||||||||||
Effect of potentially dilutive share-based awards | 2 | 2 | 1 | 1 | ||||||||||||
Dilutive effect of 2025 Convertible Senior Notes | — | 1 | 1 | 1 | ||||||||||||
Dilutive effect of 2027 Convertible Senior Notes (1) | 2 | 2 | 1 | 1 | ||||||||||||
Dilutive effect of 2029 Convertible Senior Notes | 1 | 1 | 1 | 1 | ||||||||||||
Diluted weighted average shares outstanding | 60 | 61 | 61 | 61 | ||||||||||||
Net income per common share: | ||||||||||||||||
Income per diluted common share | $ | 0.18 | - | $ | 0.27 | $ | 0.35 | - | $ | 0.45 |
_________________
(1) - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of
Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q4 2024) (in millions) (unaudited) | ||||||||
Guidance for the three months ending December 31, 2024 | ||||||||
GAAP Net income | $ | 10 | - | $ | 16 | |||
Share-based compensation | 10 | - | 10 | |||||
Amortization | 2 | - | 2 | |||||
Interest income, net | (1 | ) | - | (1 | ) | |||
Income tax expense | 3 | - | 4 | |||||
Non-GAAP Operating income | $ | 23 | - | $ | 30 |
Note: Amounts may not calculate precisely due to rounding.
FAQ
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