LED tool maker Veeco Instruments Inc. (NASDAQ: VECO) said today that it would miss the deadline for fourth quarter and full year 2012 revenue and earnings filings. Shares have lost more than 5% today on the news.
The company’s CEO said:
Our revenue recognition accounting review is ongoing, and we hope to be able to provide an update on our progress soon. While we cannot provide revenue and earnings information at this time, fourth quarter shipments, bookings, and operating expenses are expected to come in about where we planned. … The LED industry clearly remains in an equipment digestion period. With few MOCVD deals available, we have also experienced continued competitive pricing pressure.
Veeco expects fourth quarter unit shipments to be in line with expectations, although the company took a $16 million inventory charge at the end of the fourth quarter.
The company expects market share for LED lighting to rise from about 5%, its current level, to about 30% “over the next few years.” But the timing is the thing, and Veeco cannot forecast that.
Shares are down 4.9% at $29.97 in a 52-week range of $26.15 to $38.39.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
