Q3 2024 Veeco Instruments Inc Earnings Call Transcript
Key Points
- Veeco Instruments Inc (VECO) delivered solid third-quarter results with revenue totaling $185 million, surpassing the midpoint of guidance.
- The semiconductor business achieved record revenue, increasing 26% year-over-year and 13% sequentially.
- Recent orders for wet processing systems, driven by AI, totaled over $50 million, extending visibility into 2025.
- Veeco is the market leader in laser annealing and ion beam deposition technologies, crucial for advanced semiconductor manufacturing.
- The company forecasts its semiconductor business to grow approximately 10% in 2024, outperforming WFE growth for the fourth consecutive year.
- Revenue from the compound semiconductor market declined to $16 million, comprising only 8% of total revenue.
- Data storage revenue decreased slightly to $33 million, with expectations for further decline in 2025.
- Revenue from China decreased to 30% due to a decline in semiconductor sales, with further decline expected in 2025.
- The transition to 200-millimeter production in the silicon carbide market is delayed due to weaker demand from a slowdown in EV adoption.
- Veeco expects a $60 million to $70 million reduction in data storage revenue in 2025 as customers are not planning to invest in new systems.
Good day, ladies and gentlemen and welcome to the Veeco Instruments Q3 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I'd now like to turn the conference over to Anthony Pappone, the Head of Investor Relations. Thank you and you may proceed, sir.
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 makes 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
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