SAN FRANCISCO—Chip equipment vendor Veeco Inc. said Monday (Oct. 25) its third quarter sales more than tripled compared with the third quarter of 2009, beating consensus analyst expectations for the period.
Veeco (Plainview, N.Y.) said third quarter sales totaled $277.1 million, up 271 percent from $74.7 million in the third quarter of 2009. Veeco posted a net income for the period of $91.1 million, or $2.16 per diluted share, up from break even in the year-ago quarter.
John Peeler, Veeco’s CEO, said through a statement that the company achieved a milestone quarter in the third quarter, including record earnings per share on both a GAAP and pro forma basis. Peeler said Veeco shipped more than 100 MOCVD systems in the third quarter.
But Peeler said the company has recently experienced rescheduling of tool shipments from the fourth quarter into the first quarter of 2011 by several customers in Korea and Taiwan. He noted that the company's fourth quarter revenue plan includes several multi-tool shipments to Chinese customers that are building or expanding facilities. Some of these orders could slip into the first quarter, Peeler said.
"While we currently expect that these tools will ship over the next few months, timing of revenue could shift into the first quarter due to customer facility readiness," Peeler said.