LED Stocks Up On Veeco’s Earnings Beat (VECO, RBCN, STRI, DSTI)
Shares of light emitting diodes (LEDs) makers are trading higher on solid earnings from Veeco Instruments Inc.(NASDAQ:VECO), which reported much higher than anticipated first-quarter profit and revenue.
The company said that it $16.4 million or $0.42 per share, compared to $52.6 million or $1.24 per share a year earlier.
On an adjusted basis, the company earned $19.0 million or $0.49 per share, compared to a year ago profit of $61.3 million or $1.44 per share, topping analysts’ estimates by 30 cents.
Revenue during the latest quarter grew to $139.9 million compared to $254.7 million last year, ahead of analysts’ estimates of $126.03 million.
Going forward, the company projects to earn $0.20 to $0.40 per share, adjusted earnings of $0.29 to $0.48 per share and revenues of $120 million to $145 million. Analysts currently estimate earnings of $0.23 per share and revenues of $128.22 million for the quarter.
Chief Executive John Peeler said, “We are on track to deliver 2012 revenue of $500-600 million.” Analysts currently estimate revenues of $535.02 million.
Shares of VECO are up 14.11% to $34.45. The stock has soared over 67% so far this year and down 32% over the past one year.
Veeco Instruments Inc. designs, manufactures and markets equipment to make light emitting diodes , hard-disk drives, as well as for emerging applications such as concentrator photovoltaics, power semiconductors, wireless components, microelectromechanical systems, and other next-generation devices. The Company operates in two segments: Light Emitting Diode and Solar and Data Storage. In the LED & Solar segment, it designs and manufactures metal organic chemical vapor deposition (MOCVD) systems, molecular beam epitaxy (MBE) systems and components sold to manufacturers of LEDs, wireless devices, power semiconductors, and concentrator photovoltaics, as well as to research and development (R&D) applications.
Rubicon Technology, Inc.(NASDAQ:RBCN) added 11.85% to $10.57, STR Holdings, Inc.(NYSE:STRI) climbed 3.14% and DayStar Technologies Inc.(NASDAQ:DSTI) rose 3.25%