Q1 OVERVIEW…ahead of expectations
Despite world wide economic uncertainty…stability of Veeco’s served markets has improved…our order growth continues (+2% Q/Q; +4% Y/Y)
Veeco exceeded Q1 guidance in orders, sales and earnings, Q1 orders of $72. 7M, revenue of $65.8M and EBITA of $3.0M. Book/bill improves to 1.11
EPS excluding amortization was $0.03, above Veeco guidance of $0.00-$0.02…GAAP EPS $(0.06)
Cost reduction efforts effective in Q1. EBITA improves $6.4M sequentially on less revenue. Process Equipment and Metrology groups both profitable
Q1 Gross Margin up 7.3 points to 47.4%; Operating spending reduced $2.2M in quarter (sequentially)
Our market and product diversification strategy counteracts individual sector volatility (Data Storage orders up 22%, Semiconductor up 26% from Q102)