Veeco Instruments Q3 revenue, net income miss estimates

Overview

• U.S. semiconductor equipment maker's Q3 revenue rose yr/yr but missed analyst expectations

• Q3 adjusted net income missed analyst expectations

• Company cites AI infrastructure investment as a driver of increased customer engagement and orders

Outlook

• Veeco expects Q4 revenue between $230 mln and $260 mln

• Company sees Q4 GAAP EPS of $0.34 to $0.53 and non-GAAP EPS of $0.50 to $0.70

• Veeco revises FY 2026 revenue guidance to $790 mln-$820 mln

Result Drivers

• AI INFRASTRUCTURE INVESTMENT - Co said accelerating AI infrastructure investment is driving technology transitions and increased customer engagement

• MANUFACTURING CAPACITY EXPANSION - Co said strategic investments to expand manufacturing capacity are providing greater visibility

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the semiconductor equipment & testing peer group is "buy"

• Wall Street's median 12-month price target for Veeco Instruments Inc. is $62.23, about 66.4% above its November 3 closing price of $37.39

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 19 three months ago

Reuters Recommended Reads

• Nov 3 - Navitas Semiconductor Q3 revenue beats estimates on rising demand from AI data centers and grid infrastructure

• Nov 4 - AMD forecast eases AI spending fears as data-center sales surge

• Nov 3 - Astera Labs Q3 revenue jumps 154% on Scorpio switch ramp, design wins

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)