Veeco is a MOCVD (organic metal chemical vapor phase epitaxy) plant, which announced its third quarter earnings report at the end of October 2010. The revenue for the quarter was $277 million, a 9.5% increase from the second quarter and a 180% increase from the same period last year. Among them, MOCVD's LED & Solar equipment division accounted for 88% of its revenue, which was $243 million.
In the third quarter of 2010, LED & Solar equipment division accounted for the majority of Veeco's revenue, mainly due to two. One is that Veeco sold the Metrology equipment division to Bruker in October 2010. The main business is only the LED & Solar and Data Storage (DataStorage) 2 equipment divisions. Another reason is that under the development of global LED backlights for LED displays and LED lighting, MOCVD is currently the main business of Veeco, with sales of up to $236 million in the third quarter of 2010.
LED & Solar equipment division's revenue performance is good, the order-to-bill ratio has gradually decreased from the third quarter of 2009. In the third quarter of 2009, the order-to-bill ratio was 3.4, and it fell to 1.0 in the third quarter of 2010. The Korean LED factory, which is the main source of VeecoMOCVD orders, actively expanded its factory from 2009 to 2010, and the MOCVD machine volume by the end of 2010. Almost saturated, so MOCVD orders from South Korea will be significantly reduced after the third quarter of 2010.
However, Veeco is still optimistic about the future MOCVD market. Although orders from South Korea have decreased, the number of customers in Taiwan has increased, and the mainland LED industry is in its infancy. The mainland government has provided subsidies for MOCVD machines since 2010, and future orders will be available. Hope to increase rapidly.
Veeco estimates that revenue for the fourth quarter of 2010 will increase by $8 million to $43 million from the third quarter, and operating profit will grow by $4 million to $17 million from the third quarter. Veeco also believes that excellent financial performance will continue at least until the first quarter of 2011.
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