Veeco Instruments (VECO) FY2017 results: revenue $476 million, up 43.4% on the year
Veeco Instruments Inc. (VECO) reported revenue of $476 million for fiscal 2017, the year ended 31 December 2017, up 43.4% on the year before. Net income was -$51 million, and diluted earnings per share $-1.16. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2018.
Revenue
$476 million
+43.4% on the year
FY2010FY2017
Operating margin
-15.1%
-36.3% a year earlier
FY2010FY2017
Net income
-$51 million
FY2010FY2017
Diluted EPS
-$1.16
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
476
332
477
+43.4%
Cost of revenue
299
199
300
+50.8%
Gross profit
176
133
177
+32.6%
Gross margin
37.0%
40.1%
37.2%
Research and development
82.0
81.0
78.5
+1.2%
Selling, general and administrative
100
77.6
90.2
+29.1%
Operating income
-71.9
-120
-23.2
Operating margin
-15.1%
-36.3%
-4.9%
Interest expense
19.5
0.2
0.5
+8,664.4%
Pre-tax income
-89.0
-119
-22.6
Income tax
-37.6
2.8
9.3
Net income
-51.4
-122
-32.0
Net margin
-10.8%
-36.8%
-6.7%
Diluted EPS
-$1.16
-$3.11
-$0.80
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
35.0
-23.8
15.8
Capital expenditure
24.3
11.5
13.9
+111.4%
Free cash flow
10.7
-35.3
1.9
Free cash flow margin
2.3%
-10.6%
0.4%
Cash from investing
-358
46.7
-7.1
Cash from financing
326
-14.6
-10.2
Depreciation and amortisation
50.1
32.6
39.9
+53.4%
Share-based compensation
24.4
15.7
18.0
+55.0%
Buybacks
2.9
13.3
8.9
-78.5%
Diluted shares, weighted
44m
39m
40m
+12.3%
Shares outstanding at period end
48m
41m
41m
+18.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
841
602
715
+39.7%
Debt
276
1.2
1.5
+22,984.6%
Other liabilities
271
156
175
+74.1%
Total liabilities and equity
1,387
759
891
+82.9%
Fixed assets
85.1
60.6
79.6
+40.3%
Goodwill
307
115
115
+167.3%
Intangible assets
370
58.4
132
+533.5%
Investments
47.8
66.8
116
-28.5%
Cash and equivalents
280
277
269
+0.8%
Receivables
98.9
58.0
49.5
+70.4%
Inventory
120
77.1
77.5
+56.1%
Other assets
78.6
45.3
52.3
+73.6%
Total assets
1,387
759
891
+82.9%
10-K for the year ended 31 December 2017, filed 21 February 2018: the filing.