Q1 2025 Veeco Instruments Inc Earnings Call Transcript
Key Points
- Veeco Instruments Inc (VECO) reported revenue of $167 million, exceeding the midpoint of their guidance.
- The semiconductor business showed strong performance, with sequential and year-over-year growth, driven by advanced packaging and lithography systems.
- Veeco received Intel's 2025 Epic Supplier award, recognizing their excellence in Aneal technology.
- The company secured significant orders for laser annealing systems from leading-edge logic customers, indicating strong demand.
- Veeco's advanced packaging business is expected to double in 2025, driven by AI and high-performance computing applications.
- Recently enacted tariffs are causing some customers to delay shipments, impacting future market demand.
- Revenue declined 4% from the prior year and 8% sequentially, with specific declines in the compound semiconductor and data storage markets.
- The company faces increased costs due to tariffs on imported materials and domestic suppliers' imports.
- Revenue from China customers is subject to uncertainty due to tariffs, with potential shipment delays impacting Q2 guidance.
- The data storage market shows no signs of system revenue growth, with no expected system shipments in 2025.
Greetings, and welcome to the Veeco first-quarter 2025 earnings call. (Operator Instructions)
It is now my pleasure to introduce your host, Anthony Pappone, Head of Investor Relations. 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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