[High-tech LED News] Veeco Precision Instruments' Q3 revenue was $268 million, non-GAAP net income was about $53 million, and average earnings per share was $1.33. LED and solar revenues were $234 million, an increase of 7% from the previous quarter, including $220 million in MOCVD equipment revenue. Veeco's new MaxBright MOCVD equipment accounts for almost half of the MOCVD equipment revenue in the third quarter.
Veeco pointed out that the weak demand in the LED industry, coupled with the low usage rate of MOCVD equipment in Asia and the reduction of Chinese business investment activities, have affected Veeco's Q3 orders. Veeco's Q3 orders were $133 million, down 57% from the previous quarter. Orders for the LED and solar business were $112 million, a 59% decrease from the previous quarter, with MOCVD equipment orders of $103 million. The company's Q3 order-to-ship ratio is 0.5:1.
Looking ahead to Q4, Veeco expects revenue of $1.75-2.15 billion. Veeco's revenue for the full year of 2011 is estimated to be approximately $9.63 billion.
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