Veeco Instruments Q1 Profit Increases, beats estimates

(RTTNews) - Veeco Instruments (VECO) announced a profit for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $21.9 million, or $0.37 per share. This compares with $8.7 million, or $0.17 per share, in last year's first quarter.

Excluding items, Veeco Instruments reported adjusted earnings of $26.4 million or $0.45 per share for the period.

Analysts on average had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.7% to $174.5 million from $153.5 million last year.

Veeco Instruments earnings at a glance (GAAP) :

-Earnings (Q1): $21.9 Mln. vs. $8.7 Mln. last year. -EPS (Q1): $0.37 vs. $0.17 last year. -Revenue (Q1): $174.5 Mln vs. $153.5 Mln last year.

-Guidance: Next quarter EPS guidance: $0.38 to $0.48 Next quarter revenue guidance: $165-$185 mln