Equipment and Materials ♦ news digest
“Veeco’s third quarter orders were impacted by weak near-term LED industry demand, low MOCVD equipment utilisation rates in Asia, and decreased business activity in China,” commented Peeler. “In addition, negative global macro-economic data points caused customers to slow or cut their capacity expansion plans.”
Veeco’s third quarter bookings were $133 million, a decline of 57% sequentially. LED & Solar orders declined 59% sequentially to $112 million, with MOCVD orders at $103 million. Data Storage orders were $21 million, down 44% sequentially. The Company’s Q3 2011 book-to-bill ratio was 0.50 to 1. Veeco recorded backlog adjustments of $34 million during the quarter. The firm’s quarter-end backlog was $389 million.
During the third quarter, under its Board authorised share buy-back program initiated in August 2010, Veeco purchased $154 million in stock at an average price of $38.63 per share.
Fourth Quarter 2011 Guidance & Outlook on a GAAP basis
Veeco’s fourth quarter 2011 revenue is currently forecasted to be between $175 million and $215 million. Earnings per share are currently forecasted to be between $0.46 to $0.78. For the full year, Veeco’s guidance is $963 million to $1.0 billion, with earnings per share forecasted to be between $4.49 - $4.79.
Peeler commented, “Despite the difficult overall environment, we are proud that the Company expects to deliver $1 billion in 2011 revenue at the high end of guidance. This is a tremendous accomplishment and speaks to our technology leadership position, close connectivity to our global customers and ability to execute in a challenging environment.”
“Our current expectation is orders will remain depressed for a few quarters,” continued Peeler. “While there are many data points indicating that LED lighting is accelerating, weak backlighting demand continues to cause low factory utilisation rates. In Data Storage, planned industry consolidations combined with weak PC demand is causing our key customers to delay capex.”
“ In addition, global macro-economic concerns will
likely have a dampening effect on our business heading into 2012. With our variable cost model, combined with plans to decrease spending levels to reflect the challenging business environment, we are confident we will remain profitable and expect to deliver double-digit EBITA performance next year.”
Peeler concluded, “While we do not know how long this slowdown will last, LED pricing declines will continue to stimulate demand for solid state lighting on a global basis. We expect wide-spread adoption of LED lighting led first by the commercial, municipal and industrial sectors, which make up 75% of the lighting market, followed by residential users as economic benefits of using LED-based products become more apparent.
Despite some level of cyclicality, which is to be expected, there is an enormous multi-year growth opportunity for MOCVD, aligning with our overall expectation of 5,000+ reactors from 2011 to 2015. With the industry’s most productive MOCVD platforms, Veeco’s market position is the best it has ever been. We believe the Company can continue to gain share as LED lighting hits an inflection point in 2012 and 2013.”
Mouser to deliver National Products from TI
The firm will distribute TI analogue products which enable engineers to create new designs that solve tough challenges, such as making electronics more energy efficient.
Mouser Electronics, a design engineering resource and global distributor for semiconductors and electronic components, has announced that it is an authorised global distributor for the complete portfolio of National products from Texas Instruments (TI).
Building upon record sales and an ongoing commitment to global expansion, the addition of National products from TI increases Mouser’s offering of analogue products to its global customer base. These TI analogue products enable engineers to create new designs that solve tough challenges, such as making electronics more energy efficient – consuming less power, extending battery life and generating less heat.
November/December 2011
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