Veeco Instruments Inc. (NASDAQ:VECO) Q3 2024 Earnings Conference Call November 6, 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

Mark Miller - Benchmark
Ross Cole - Needham & Co.
Dave Duley - Steelhead Securities

Operator

Good day, ladies and gentlemen and welcome to the Veeco Instruments Q3 2024 Earnings Conference Call. At this time, all participants will be in a listen-only mode. There will be an opportunity to ask questions later during the conference. [Operator Instructions] As a reminder, this conference is being recorded.

I'd now like to turn the conference over to Anthony Pappone, the Head of Investor Relations. Thank you and you may proceed, sir.

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 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 now turn the call over to our CEO, Bill Miller.

Bill Miller

Thank you, Anthony. Veeco delivered solid third quarter top and bottom line results above the midpoint of our guidance. Revenue totaled $185 million, non-GAAP operating income, $31 million and non-GAAP EPS of $0.46.

Our semiconductor business delivered record revenue, increasing 26% year-over-year and 13% sequentially, highlighted by an increase in shipments to leading-edge customers across several product lines.

As announced in today's press release, a leading foundry, HBM manufacturer in OSATs placed over $50 million in orders for our wet processing systems in 2024, driven by AI. Our advanced packaging wet processing business is a key driver of growth in our semiconductor business in 2024, and recent orders are extending visibility into 2025.