Veeco Instruments (VECO) FY2019 results: revenue $419 million, down 22.6% on the year
Veeco Instruments Inc. (VECO) reported revenue of $419 million for fiscal 2019, the year ended 31 December 2019, down 22.6% on the year before. Net income was -$79 million, and diluted earnings per share $-1.66. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$419 million
-22.6% on the year
FY2012FY2019
Operating margin
-9.4%
-76.6% a year earlier
FY2012FY2019
Net income
-$79 million
FY2012FY2019
Diluted EPS
-$1.66
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
419
542
476
-22.6%
Cost of revenue
261
348
299
-25.0%
Gross profit
158
194
176
-18.3%
Gross margin
37.7%
35.7%
37.0%
Research and development
90.6
97.8
82.0
-7.4%
Selling, general and administrative
79.7
92.1
100
-13.4%
Operating income
-39.6
-416
-71.9
Operating margin
-9.4%
-76.6%
-15.1%
Interest expense
22.1
21.5
19.5
+2.6%
Pre-tax income
-78.0
-434
-89.0
Income tax
0.8
-26.7
-37.6
Net income
-78.7
-407
-51.4
Net margin
-18.8%
-75.1%
-10.8%
Diluted EPS
-$1.66
-$8.63
-$1.16
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-7.4
-37.7
35.0
Capital expenditure
10.9
12.7
24.3
-14.1%
Free cash flow
-18.3
-50.4
10.7
Free cash flow margin
-4.4%
-9.3%
2.3%
Cash from investing
-75.9
-18.3
-358
Cash from financing
0.1
-11.5
326
Depreciation and amortisation
34.4
50.0
50.1
-31.2%
Share-based compensation
15.3
16.1
24.4
-5.0%
Buybacks
n/a
11.5
2.9
Diluted shares, weighted
47m
47m
44m
+0.7%
Shares outstanding at period end
49m
48m
48m
+2.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
375
438
841
-14.5%
Debt
300
287
276
+4.4%
Operating lease liabilities
10.3
n/a
n/a
Other liabilities
133
176
271
-24.2%
Total liabilities and equity
818
901
1,387
-9.2%
Fixed assets
75.7
80.3
85.1
-5.7%
Goodwill
182
184
307
-1.3%
Intangible assets
61.5
85.1
370
-27.8%
Investments
115
48.2
47.8
+139.2%
Cash and equivalents
129
212
280
-39.1%
Receivables
45.7
66.8
98.9
-31.6%
Inventory
133
156
120
-14.9%
Other assets
75.6
67.5
78.6
+12.1%
Total assets
818
901
1,387
-9.2%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.