Veeco Instruments Inc. said its first-quarter normalized net income was a loss of 24 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 29 cents per share.
The per-share loss increased 14.6% year over year from 21 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $9.3 million, compared with a loss of $8.2 million in the year-earlier period.
The normalized profit margin declined to negative 11.9% from negative 8.4% in the year-earlier period.
Total revenue declined 20.7% on an annual basis to $78.0 million from $98.3 million, and total operating expenses declined 16.6% from the prior-year period to $93.2 million from $111.7 million.
Reported net income came to a loss of $15.6 million, or a loss of 40 cents per share, compared to a loss of $19.0 million, or a loss of 48 cents per share, in the prior-year period.