The following is a summary of the Veeco Instruments Inc. (VECO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Veeco reported Q1 2024 revenue of $174 million, a 14% increase from the prior year, with semiconductor revenue of $120 million, up 29% year over year.
Non-GAAP operating income amounted to $29 million, and non-GAAP EPS was $0.45.
Revenue from the Asia-Pacific region, excluding China, contributed 42% to the total revenue.
The company's balance sheet reflected cash and short-term investments of $297 million at the end of the quarter.
Business Progress:
Veeco attained record semiconductor revenue for the second consecutive quarter, largely due to strong demand for their laser annealing systems.
Veeco anticipates the market for laser annealing to grow from $600 million to over $1 billion.
The company is set to ship a 300mm EVALution system to a customer in the forthcoming quarter, displaying its commitment to the compound semi-market.
Initial high volume manufacturing orders from logic customers are expected in 2025, with the potential for similar orders from memory customers in the same year.
As part of their strategy to expand applications and customer base, Veeco plans to offer an evaluation system to a second customer by late 2024 or early 2025.
The rise in generative AI, projected to drive a 20% Compound Annual Growth Rate (CAGR) in the mid to long-term, presents a promising future market for the company's products.
More details: Veeco Instruments IR
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