Veeco swings to Q2 profit, shares up 20%
Shares of Veeco Instruments Inc. (Nasdaq:VECO) are soaring more than 20% today after reporting after Monday’s close that it had swung to a profit during the second quarter. For the quarter ended June 30, net income was $4.2 million, or $0.13 per share, compared to a net loss of $2.6 million, or $0.08 per share, for the same period a year earlier. Revenues were $114.4 million, up from $98.8 million a year ago and above the Woodbury, N.Y.-based guidance of $102 million to $110 million. The company said better sales in its LED and solar process equipment helped buoy sales along with the purchase of Mill Lane Engineering.
In today’s trading, shares are at $18 at 10:16 a.m. ET, up $3.06 from Monday’s close. Shares have ranged from $12.04 to $20.50 during the past year. The stock is up more than 6% since January.
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