Veeco: Q1 Earnings Snapshot

PLAINVIEW, N.Y. (AP) _ Veeco Instruments Inc. (VECO) on Tuesday reported first-quarter net income of $2.5 million, after reporting a loss in the same period a year earlier.

The Plainview, New York-based company said it had net income of 5 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, came to 25 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The precision manufacturing equipment maker posted revenue of $133.7 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $125 million.

For the current quarter ending in July, Veeco expects its per-share earnings to range from 17 cents to 35 cents.

The company said it expects revenue in the range of $125 million to $145 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $132.3 million.

Veeco shares have risen 27% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $22.12, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VECO at https://www.zacks.com/ap/VECO