Maxim Group: Veeco Instruments' 4Q11 Results Missed Street Expectations

According to a research report published today by Maxim Group, Veeco Instruments Inc.

reported disappointing 4Q11 results that missed Street expectations on gross margin and opex. In the report, Maxim Group said, “Dragged down by an estimated (30%) Q/Q decline in MOCVD shipments, revenue fell (29%) in 4Q to $192m. While this was in line with the Street, lower gross margin of 43% (vs. the Street at 44%) and higher-than-expected opex (R&D and 1x restructuring costs) drove GAAP EPS of $0.61 below consensus expectations for $0.67 and our own estimate of $0.76.” Maxim Group maintains its Sell rating and $15 PT on Veeco Instruments, which closed yesterday at $27.14.