- Though Veeco (VECO -3.1%) beat Q3 revenue estimates (while missing EPS forecasts), its bookings for the quarter only totaled $92M. While that figure is up from depressed Q2 and year-ago levels of $85M and $84M, it fell short of Q3 revenue of $99.3M, and yielded a book-to-bill of just 0.93, below a 1H level of 0.97.
- Orders for Veeco's MOCVD systems (used in LED/solar manufacturing) rose 28% Q/Q to $67M. However, orders for MBE and hard drive equipment respectively fell to just $7M and $18M. In spite of the Q/Q order pickup, Veeco says it hasn't yet seen an MOCVD demand recovery.
- Gross margin was 30.5%, down from 37.5% a year ago. While revenue fell 25% Y/Y, opex declined 5%.
- Rival Aixtron (AIXG -2.4%) is also selling off.
- Previous: Veeco files delayed reports, shares jump
Veeco falls in response to Q3 report, Aixtron also lower
Nov 8 2013, 11:33 ET