Veeco Instruments Inc. (NASDAQ:VECO) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET

Company Participants

Anthony Pappone - Head of Investor Relations
Bill Miller - Chief Executive Officer
John Kiernan - Chief Financial Officer

Conference Call Participants

Charles Shi - Needham & Company
Wei Mok - Oppenheimer
Gus Richard - Northland Capital
Dave Duley - Steelhead Securities
Mark Miller - Benchmark Company

Operator

Greetings, and welcome to the Veeco Q1 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce Anthony Pappone, Head of Investor Relations. Thank you. You may begin.

Anthony Pappone

Thank you, and good afternoon, everyone. Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer; and John Kiernan, our Chief Financial Officer. Today's earnings release and slide presentation to accompany today's webcast is available on the Veeco website. To the extent that this call discusses expectations for future revenues, future earnings, market conditions, or otherwise makes statements about the future, these forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks are discussed in detail in our Form 10-K, Annual Report and other SEC filings.

Veeco does not undertake any obligation to update any forward-looking statements, including those made on this call, to reflect future events or circumstances after the date of such statements. Unless otherwise noted, management will address non-GAAP financial results. We encourage you to refer to our reconciliation between GAAP and non-GAAP results, which you can find in our press release and at the end of the earnings presentation.

With that, I will turn the call over to our CEO, Bill Miller.

Bill Miller

Thank you, Anthony. Veeco started the year with top and bottom line results toward the high end of our guidance. Revenue totaled $174 million, non-GAAP operating income $29 million, and non-GAAP EPS $0.45. Semiconductor revenue totaled a record for the second consecutive quarter, primarily driven by strong demand for our laser annealing systems. As announced in our press release earlier today, a customer placed a multi-tool laser annealing order, including a nanosecond annealing system, for their 2-nanometer gate all-around process. We're looking forward to supporting their future ramp plans.