Q2 2024 Veeco Instruments Inc Earnings Call Transcript
Key Points
- Veeco Instruments Inc (VECO) delivered second quarter results in line with guidance, with revenue totaling $176 million and non-GAAP EPS of $0.42.
- The semiconductor business remains strong, highlighted by record laser annealing revenue and new orders in advanced logic and memory.
- Veeco is the market leader in ion beam deposition for EUV mask blanks, supporting growing demand for EUV lithography.
- The company is focused on expanding its served available market, with significant opportunities in laser annealing and ion beam deposition.
- Veeco's technologies are well-positioned to benefit from growth in AI, with systems supporting advanced chip manufacturing processes.
- Semiconductor revenue declined 9% from a record in Q1, although it increased 16% year over year in the first half.
- Revenue from the compound semiconductor market declined from the prior quarter, totaling 10% of revenue.
- Customer deposits declined by $13 million, indicating potential future revenue challenges.
- Operating expenses were above guidance due to the timing of R&D investments, impacting profitability.
- The company anticipates a falloff in data storage revenue in Q4, despite a strong Q2 performance.
Greetings and welcome to the Veeco Q2 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Anthony Pappone. Thank you. You may begin.
Thank you, and good afternoon, everyone. Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer; and John Kiernan, our Chief Financial Officer. Today's earnings release and slide presentation to accompany today's webcast is available on the Veeco website.
To the extent that this call discusses expectations for future revenues, future earnings, market conditions, or otherwise make statements about the future, these forward-looking statements are based on management's current expectations and are subject to the risks and uncertainties that could cause actual results to differ materially from the statements made. These risks are discussed in detail in our Form 10-K annual report and other SEC filings.
Veeco does not undertake any obligation to
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