Veeco Instruments (VECO) FY2018 results: revenue $542 million, up 14.0% on the year
Veeco Instruments Inc. (VECO) reported revenue of $542 million for fiscal 2018, the year ended 31 December 2018, up 14.0% on the year before. Net income was -$407 million, and diluted earnings per share $-8.63. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$542 million
+14.0% on the year
FY2011FY2018
Operating margin
-76.6%
-15.1% a year earlier
FY2011FY2018
Net income
-$407 million
FY2011FY2018
Diluted EPS
-$8.63
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
542
476
332
+14.0%
Cost of revenue
348
299
199
+16.3%
Gross profit
194
176
133
+9.9%
Gross margin
35.7%
37.0%
40.1%
Research and development
97.8
82.0
81.0
+19.2%
Selling, general and administrative
92.1
100
77.6
-8.2%
Operating income
-416
-71.9
-120
Operating margin
-76.6%
-15.1%
-36.3%
Interest expense
21.5
19.5
0.2
+10.6%
Pre-tax income
-434
-89.0
-119
Income tax
-26.7
-37.6
2.8
Net income
-407
-51.4
-122
Net margin
-75.1%
-10.8%
-36.8%
Diluted EPS
-$8.63
-$1.16
-$3.11
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
-37.7
35.0
-23.8
Capital expenditure
12.7
24.3
11.5
-47.9%
Free cash flow
-50.4
10.7
-35.3
Free cash flow margin
-9.3%
2.3%
-10.6%
Cash from investing
-18.3
-358
46.7
Cash from financing
-11.5
326
-14.6
Depreciation and amortisation
50.0
50.1
32.6
-0.2%
Share-based compensation
16.1
24.4
15.7
-34.1%
Buybacks
11.5
2.9
13.3
+299.3%
Diluted shares, weighted
47m
44m
39m
+6.7%
Shares outstanding at period end
48m
48m
41m
-0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
438
841
602
-47.9%
Debt
287
276
1.2
+4.3%
Other liabilities
176
271
156
-35.2%
Total liabilities and equity
901
1,387
759
-35.1%
Fixed assets
80.3
85.1
60.6
-5.6%
Goodwill
184
307
115
-40.0%
Intangible assets
85.1
370
58.4
-77.0%
Investments
48.2
47.8
66.8
+0.9%
Cash and equivalents
212
280
277
-24.1%
Receivables
66.8
98.9
58.0
-32.4%
Inventory
156
120
77.1
+30.0%
Other assets
67.5
78.6
45.3
-14.1%
Total assets
901
1,387
759
-35.1%
10-K for the year ended 31 December 2018, filed 25 February 2019: the filing.