Veeco: Fiscal 4Q22 Financial Results

(in $ million)	4Q21	4Q22	FY21	FY22
Revenue	153.0	153.8	583.3	646.1
*Growth*		0%		*11%*
Net income (loss)	8.2	128.9	26.0	166.9

Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2022.

“2022 was another year of growth for Veeco,” commented Bill Miller, Ph.D., CEO. “We achieved record revenue with our semiconductor products led by increased traction in laser annealing for both advanced and trailing nodes. We grew our backlog with strong order activity while also strengthening our balance sheet with robust cash flow from operations.”

“We enter 2023 cautiously optimistic,” he continued. “We’re focused on investing R&D in our product roadmaps and integrating our recently acquired silicon carbide epitaxy business. We expect to outperform the wafer fab equipment market with our semiconductor products, grow in the storage market and maintain profitability during the current macroeconomic challenges.”

Revenue is expected next quarter in the range of $130 million to $150 million, GAAP diluted earnings (loss) per share in the range of $(0.03) to $0.16 and non-GAAP diluted earnings per share in the range of $0.12 to $0.28.

Comments

Among its multiple businesses, Veeco is involved in storage with ion-beam etch and deposition processes for thin-film magnetic heads for high-density HDDs, referred as "data storage" by the company.

Data storage represents 11% of global sales of $154 million in 4FQ22 or $16.7 million, down 40% Q/Q, and 13% of total revenue of $646.1 million in FY22 or $87.5 million, a 48% decrease from the prior year, not far from expectations as HDD customers slow their pace of capacity additions for magnetic head manufacturing, outlook last quarter being a decrease of 45% from FY21 to FY22.