Veeco Instruments Q1 Profit Increases, beats estimates

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

The company's bottom line totaled $13.3 million, or $0.24 per share. This compares with $2.5 million, or $0.05 per share, in last year's first quarter.

Excluding items, Veeco Instruments reported adjusted earnings of $21.7 million or $0.38 per share for the period.

Analysts on average had expected the company to earn $0.35 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 17.0% to $156.4 million from $133.7 million last year.

Veeco Instruments earnings at a glance (GAAP) :

-Earnings (Q1): $13.3 Mln. vs. $2.5 Mln. last year. -EPS (Q1): $0.24 vs. $0.05 last year. -Analyst Estimate: $0.35 -Revenue (Q1): $156.4 Mln vs. $133.7 Mln last year.

-Guidance: Full year EPS guidance: $0.22-$0.34 Full year revenue guidance: $150-$170 mln