Veeco: Fiscal 4Q21 Financial Results

(in $ million)	4Q20	4Q21	FY20	FY21
Revenue	139.0	153.0	454.2	583.3
*Growth*		10%		*28%*
Net income (loss)	(102)	8.2	(8.4)	26.0

Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2021.

“I am proud of our many accomplishments in 2021,” commented Bill Miller, CEO. “We successfully advanced our product innovation and penetrated new customers, enhanced our service capabilities, increased our manufacturing capacity, improved our capital structure, solidified our governance and commitment to corporate responsibility, and strengthened the Veeco United culture. In September, we announced long-term financial targets and made immediate progress toward those targets with significant revenue and EPS growth in 2021.”

“We had solid results in the fourth quarter with revenue and EPS exceeding the midpoint of our guidance,” he continued. “Demand in our semiconductor and compound semiconductor markets is exceptionally strong and we exited 2021 with order momentum, increased backlog and exciting opportunities that will support our growth strategy.”

Guidance and outlook for 1FQ22
• Revenue is expected in the range of $145 million to $165 million
• GAAP diluted earnings per share are expected in the range of $0.15 to $0.32
• Non-GAAP diluted earnings per share are expected in the range of $0.28 to $0.44

Comments

Storage revenue was $169 million, a 37% increase Y/Y, and made up 29% of total revenue as HDD customers continued adding capacity for their magnetic head manufacturing.

Looking at full-year revenue by region, USA made up 38% of the total revenue driven by storage customers.

Storage backlog decreased by 51% as customers slow the pace of new orders for capacity additions.

The company expects storage system deliveries to decelerate in 2022 - customers absorbed their recently added capacity. Beyond 2022, however, as cloud and data center applications continue to expand, the firm sees storage demand will increase for several years.

HDD manufacturers continue to develop their products with higher numbers of magnetic heads per drive, requiring additional vehicle equipment, according to the company.