Share Buyback Plan Declared by Veeco Instruments (VECO) Board
Veeco Instruments (NASDAQ:VECO) declared that its board has authorized a share buyback program, which authorizes the company to repurchase $100.00 million in outstanding shares on Monday, December 11th, EventVestor reports. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
Shares of Veeco Instruments (NASDAQ VECO) opened at $15.90 on Monday. Veeco Instruments has a fifty-two week low of $10.85 and a fifty-two week high of $34.38. The company has a quick ratio of 2.11, a current ratio of 2.61 and a debt-to-equity ratio of 0.32.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.16. The firm had revenue of $131.87 million during the quarter, compared to analysts’ expectations of $134.97 million. Veeco Instruments had a negative net margin of 10.16% and a negative return on equity of 0.73%. Veeco Instruments’s revenue for the quarter was up 54.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. analysts forecast that Veeco Instruments will post -0.01 EPS for the current fiscal year.
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About Veeco Instruments
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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