Nucor earnings beat by $0.08, revenue fell short of estimates
In a challenging market environment, Veeco Instruments Inc. (NASDAQ:VECO) stock has recorded a new 52-week low, dipping to $23.16, marking an 8.9% decline just this week. According to InvestingPro analysis, the company maintains strong financial health with a current ratio of 3.54x. The company, known for its process equipment solutions, has faced headwinds that have pressured its stock price over the past year, culminating in a significant 31.8% decline from the previous year. Despite these challenges, InvestingPro data shows the company remains profitable with a healthy 43.5% gross margin and net income growth expected this year. Investors are closely monitoring Veeco’s performance as it navigates through the current economic landscape, which has impacted the semiconductor industry at large. The 52-week low serves as a critical marker for the company’s valuation and could potentially attract interest from value investors seeking opportunities, particularly given that InvestingPro analysis indicates the stock is currently undervalued, with analysts setting price targets ranging from $30 to $39 per share.
In other recent news, Veeco Instruments Inc. has made several significant announcements. The company revised its Q4 and full-year 2024 guidance, expecting fourth-quarter revenue to be in the range of $175 to $185 million and full-year revenue to be between $710 to $720 million. Adjustments to the expected GAAP diluted earnings per share for the fourth quarter now range from $0.09 to $0.28, with the full-year 2024 GAAP diluted earnings per share projected to be in the range of $1.07 to $1.26.
Veeco has also secured a new partnership with PlayNitride, a pioneer in MicroLED technology. PlayNitride has qualified Veeco’s Lumina® Metal Organic Chemical Vapor Deposition (MOCVD) system for the production of MicroLEDs and has placed an order for two systems, scheduled for delivery in 2025.
In the realm of financial analysis, Citi analysts upgraded Veeco Instruments Inc. from Neutral to Buy, setting a price target of $33.00. The upgrade reflects Citi’s positive outlook on Veeco’s expanding Serviceable Available Market (SAM) and its gains in laser annealing and nanosecond annealing technologies.
Veeco also announced that it anticipates no significant effect on its business in China following the introduction of new U.S. export regulations. The company conducted a preliminary review of these new regulations and does not foresee a material impact on its operations in China.
These are recent developments in the company’s operations and financial outlook.
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