By Owen Tucker-Smith

Veeco raised the lower end of its fourth-quarter sales guidance Tuesday morning but noted that its entry into the silicon carbide market has been sluggish.

The Plainview, New York-based semiconductor manufacturer expects quarterly revenue between $175 million and $185 million, up from its previous estimate of $165 million to $185 million. Wall Street analysts surveyed by FactSet predict revenue around $176.1 million.

But the company adjusted its earnings guidance to between 9 cents and 28 cents, compared to its prior estimate of 18 cents to 27 cents.

It added that it expects adjusted earnings between 36 cents and 44 cents a share, a slightly narrower range than previous expectations for earnings between 35 cents to 45 cents. Analysts expect adjusted earnings around 40 cents a share.

The company said that its attempts to capitalize on its acquisition of silicon carbide technology have not met expectations, resulting in anywhere between a $9 million hit to a $4 million boost to fourth-quarter net income.

The impact includes non-cash impairments as well as estimated tax benefits. That uncertainty contributed to the lower earnings-per-share estimate. Veeco had previously pointed to Silicon Carbide as a key driver of long-term growth for the company.

Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com

(END) Dow Jones Newswires

January 14, 2025 07:44 ET (12:44 GMT)

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