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Veeco Instruments Inc. (VECO) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $717.3 million, an increase from $666.4 million in the previous year. This growth was driven primarily by the Semiconductor end-market, which saw a 13% increase in sales.
The company reported a gross profit of $304.0 million, compared to $285.1 million in the prior year. Gross margins decreased slightly due to an unfavorable product mix and higher service costs.
Operating expenses totaled $237.0 million, up from $215.1 million in the previous year, primarily due to increased research and development expenses.
Veeco recorded a net income of $73.7 million, compared to a net loss of $30.4 million in the previous year. The improvement was largely due to a reduction in other expenses and an income tax benefit.
The company ended the year with $344.5 million in cash, cash equivalents, and short-term investments, an increase from $305.8 million at the end of 2023.
Veeco's backlog was reported at $409.6 million as of December 31, 2024, down from $490.7 million at the end of 2023.
The filing details Veeco's acquisition of Epiluvac AB, a manufacturer of CVD epitaxy systems, for $56.4 million, including contingent consideration.
Veeco's convertible senior notes due 2025 matured in January 2025 and were settled through the issuance of company shares.
The report also outlines various risk factors, including market volatility, global trade issues, and competition, that could impact future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veeco Instruments Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.