Veeco's First-Quarter Loss Beats Estimates

Telecommunications and semiconductor equipment company

Veeco Instruments

(VECO) - Get Report

posted a first-quarter loss, but the company beat Wall Street's estimates by 6 cents on higher sequential bookings.

The company said its loss for the quarter was $80.1 million, or 12 cents a share, compared with net income of $12.9 million, or 51 cents a share, in the year-ago quarter. From continuing operations, the company lost $3.2 million, or 11 cents a share, compared with income of $13.2 million, or 52 cents a share, last year.

On a cash earnings basis, the company posted break-even results, compared with income of 56 cents a share a year ago. According to Thomson Financial/First Call, analysts had been expecting the company to post a loss of 6 cents a share on that basis.

Net sales for the quarter were down 36% to $80.1 million from $125.4 million a year ago, but came in ahead of analyst estimates of $71.86 million. Bookings were $70.2 million, down 36% from a year ago but up 5% sequentially.

For the second quarter, Veeco expects to see break-even results on sales of $75 million to $80 million with sequential bookings growth. The company said it expects overall market recovery and accompanying revenue growth in the second half of 2002.

First Call analysts are expecting the company to breakeven on sales of $75.35 million in the second quarter.

Shares of Veeco closed at $31.94 Thursday before the news.