Veeco Instruments Inc. (NASDAQ:VECO) Q2 2024 Earnings Conference Call August 6, 2024 5:00 PM ET

Company Participants

Anthony Pappone - Head of IR
Bill Miller - CEO
John Kiernan - CFO

Conference Call Participants

Rick Schafer - Oppenheimer & Company
Charles Shi - Needham & Company
David Duley - Steelhead Securities
Thomas O'Malley - Barclays
Gus Richard - Northland Capital
Mark Miller - Benchmark

Operator

Greetings, and welcome to the Veeco Q2 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief 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 your host, Anthony Pappone. 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 make statements about the future, these forward-looking statements are based on management's current expectations and are subject to the 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 delivered second-quarter top and bottom line results in line with our guidance. Revenue totaled $176 million, non-GAAP operating income $28 million and non-GAAP EPS of $0.42. Our semiconductor business remains strong highlighted by record laser annealing revenue and new LSA orders in advanced logic and memory. In logic, we received follow on orders for a leading customers gate all around architecture. And in DRAM, we continue to receive follow-on business to support our customer's planned expansion.

I'll now provide an overview of the technologies driving business today. Our served available market expansion opportunities and our investment strategy. New device architectures and shrinking geometries are creating scaling challenges for our customers. As a result, new annealing capabilities are required to manufacture the highest-performing chips and our LSA systems are qualified at all leading logic customers for their gate-all-around architecture.