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To the extent that this call discusses expectations about market conditions, market acceptance and future sales of the company's products, future disclosures, future earnings expectations or otherwise make statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made.These factors are discussed in the Business Description and Management's Discussion and Analysis section of the company's report on Form 10-K and annual report to shareholders, as well as in our subsequent quarterly reports on Form 10-Q, quarterly reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements, including those made on this call, to reflect future events or circumstances after the date of such statements made. During this call, we may address non-GAAP financial measures. Information regarding such non-GAAP financial measures, including reconciliation to GAAP measures and performance, is available on our website. I'll now turn over the call to John for opening remarks. John R. Peeler Thanks, Deb. We did well in Q2. Revenue was $137 million. EBITA was 20 million, gross margin at 45%, and EPS was $0.37. And all of these were right in the middle of our guidance range. Additionally, cash grew to $540 million. And we're on track to deliver full year revenue of $520 million to $560 million, and that implies an EBITA of 13% to 16%. We continue to perform well, but as we all know, we're living through a downcycle. And what Veeco has done really well was to plan for that downcycle. Over 4 years ago, we started building our operations strategy around a variable cost structure. It took a lot of planning and hard work, but it's really paid off. The fact that we can go from $300 million of revenue in an upcycle quarter to a $137 million of revenue in a downcycle quarter and still make 15% EBITA shows that we did a great job managing our cost.
Let's look at some macroeconomic trends. When people go home and turn on the TV at night, they are likely to see a story about an insolvent country in Europe or the growth slowdown in China or the delay in economic recovery in the U.S. And all of this has driven consumer confidence down, and consumers aren't spending. Our customers see that, and they're pulling back the throttle.Our Q2 orders were weak at $103 million, and MOCVD orders bumped along the bottom at $70 million, and Data Storage and MBE both trended down. On the other hand, current quoting activity and capacity levels at our customers leads us to believe that orders will improve gradually as we go to the second half of the year. But right now, it feels like customers have no real drive to step on the gas. Before the LED market specifically, it's a mix bag of both positive and negative signs. On the positive side, fab utilizations continue to go up. For example, in Taiwan, they're about 80% to 95%. In Korea, they're 65% to 80%. And in China, where we have a lot of focus, overall fab utilization is under 50%. But what most people don't know is that the top players in China are at much higher utilization levels. Other positives include the continued reductions in LED lightbulb prices and the rapid improvement in LED lighting designs and packaging. On the negative side, poor consumer confidence is impacting TV and consumer electronic sales, and our customers are very cautious about capacity expansion. Let's turn to Data Storage. We have record revenue in Q2 due to the Thailand flood recovery efforts. But the hard disk drive manufacturing capacity is now back to pre-flood levels, and our customers are conservative on CapEx spending. And this brought weak Q2 orders. We expect some pickup in the second half but no dramatic changes. Read the rest of this transcript for free on seekingalpha.com