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As expected, Veeco handily beat earnings estimates today, and continued to put the squeeze on the shorts.

On Monday April 25, 2011, 8:40 pm EDT
PLAINVIEW, N.Y. (AP) -- Veeco Instruments Inc. said Monday its first-quarter profit more than doubled as improved orders for data storage and its line of LED and solar products helped drive an 89 percent surge in revenue.

The results topped expectations and management forecast higher revenue and positive order growth this year. Veeco's shares rose almost 5 percent in extended trading following the earnings report.

The company reported net income of $53.1 million, or $1.25 a share, for the three months ended March 31. That compares with net income of $22.8 million, or 54 cents a share, in the prior year period.

Excluding amortization costs, equity-based compensation and other items, Veeco's earnings amounted to $1.33 a share, the company said.

On that basis, the company's results exceeded analysts' consensus estimate for a profit of $1.22 a share, according to FactSet.

Revenue for the quarter jumped 90 percent to $254.7 million, up from $134.8 million. Analysts had been expecting revenue of $246.5 million.

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