By Owen Tucker-Smith
Veeco raised the lower end of its fourth-quarter sales guidance Tuesday morning but noted that its entry into the silicon carbide market has been sluggish.
The Plainview, New York-based semiconductor manufacturer expects quarterly revenue between $175 million and $185 million, up from its previous estimate of $165 million to $185 million. Wall Street analysts surveyed by FactSet predict revenue around $176.1 million.
But the company adjusted its earnings guidance to between 9 cents and 28 cents, compared to its prior estimate of 18 cents to 27 cents.
It added that it expects adjusted earnings between 36 cents and 44 cents a share, a slightly narrower range than previous expectations for earnings between 35 cents to 45 cents. Analysts expect adjusted earnings around 40 cents a share.
The company said that its attempts to capitalize on its acquisition of silicon carbide technology have not met expectations, resulting in anywhere between a $9 million hit to a $4 million boost to fourth-quarter net income.
The impact includes non-cash impairments as well as estimated tax benefits. That uncertainty contributed to the lower earnings-per-share estimate. Veeco had previously pointed to Silicon Carbide as a key driver of long-term growth for the company.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 14, 2025 07:44 ET (12:44 GMT)
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