Veeco Released Financial Results for the First Quarter

Veeco has released its financial results for the first quarter ended March 31, 2011.

According to Veeco's Chief Executive Officer, John R. Peeler, the company has received strong revenue first quarter, with revenues of $255 million, gross margin of 51% and non-GAAP net income of $57 million, all complied with their expectation.

As predicted, revenues were down 15% sequentially, but increased 89% from the prior year first quarter. LED & Solar revenues were $215 million and Data Storage revenues were $40 million. Veeco's first quarter bookings totalled $231 million.

Peeler also noted that, "with another solid quarter in LED & Solar of $198 million and Data Storage orders were $33 million. We continued to experience strong demand for MOCVD systems and, while China remained the majority of our bookings, we also received orders from key customers in Taiwan, Korea and the U.S."

Based on above strong revenues, the company’s second quarter 2011 revenue is forecasted to be between $255 and $285 million. Earnings per share are forecasted to be between $1.08 to $1.32 on a GAAP basis.

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