Veeco Instruments Inc. reported significant financial performance improvements for the third quarter and the first nine months of 2024, compared to the same periods in 2023. For the three months ended September 30, 2024, net sales reached $184.8 million, a 4% increase from $177.4 million in Q3 2023. For the nine months ended September 30, 2024, net sales totaled $535.2 million, reflecting a 9% increase from $492.5 million in the prior year. The growth was primarily driven by a 26% increase in sales within the Semiconductor segment, which accounted for 67% of total revenue.
Gross profit for Q3 2024 was $79.2 million, up 3% from $76.9 million in Q3 2023, while gross profit for the nine-month period increased by 11% to $230.0 million. Operating income also improved, reaching $24.3 million for Q3 2024, a 9% increase from $22.3 million in the same quarter of 2023, and $63.1 million for the nine months, up 38% from $45.8 million in the prior year.
Despite these gains, net income for Q3 2024 was $22.0 million, down from $24.6 million in Q3 2023, attributed to increased expenses in research and development and selling, general, and administrative costs. However, for the nine months ended September 30, 2024, net income was $58.7 million, a significant recovery from a net loss of $52.0 million in the same period of 2023.
Veeco's total assets increased to $1.27 billion as of September 30, 2024, from $1.23 billion at the end of 2023. Current assets also rose to $761.0 million, driven by increases in cash and cash equivalents, and accounts receivable. The company reported a reduction in long-term debt to $249.4 million from $274.9 million, and total stockholders' equity increased to $746.5 million from $672.4 million.
Strategically, Veeco completed the acquisition of Epiluvac AB in January 2023 for $56.4 million, enhancing its position in the silicon carbide equipment market, particularly for electric vehicle applications. The company also increased its revolving credit facility from $150 million to $225 million in August 2024, providing additional liquidity.
Overall, Veeco's performance reflects a strong recovery trajectory, particularly in the Semiconductor market, despite challenges in other segments such as Compound Semiconductors and Scientific & Other markets.
About VEECO INSTRUMENTS INC
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.