On Thursday, Shares of Veeco Instruments Inc. (NASDAQ:VECO), lost -12.30% to $18.26.
Veeco Instruments, declared financial results for its third fiscal quarter ended September 30, 2015. Results are stated in accordance with U.S. generally accepted accounting principles and are also stated adjusting for certain items.
In addition to the third quarter financial results, the Company declared that its Board of Directors has authorized the repurchase of up to $100 million of the Company’s outstanding common stock.
“Veeco’s third quarter results demonstrate solid operational execution with gross margin, adjusted EBITDA and earnings per share all above the mid-point of our guided ranges,” commented John R. Peeler, Chairman and Chief Executive Officer.
Veeco Instruments Inc., together with its auxiliaries, designs, manufactures, and markets thin film equipment to make light emitting diodes, power electronics, wireless devices, hard disk drives, and semiconductors worldwide.
Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), inclined 5.05% to $126.17, during its last trading session.
Vertex Pharmaceuticals Incorporated, stated merged financial results for the quarter ended September 30, 2015. Vertex also raised its financial guidance for total 2015 KALYDECO® (ivacaftor) revenues and reiterated its preceding guidance for non-GAAP operating expenses.
“During the third quarter, more than 3,000 people started treatment with ORKAMBI in the U.S., underscoring the importance of this medicine to people with cystic fibrosis and their doctors and the interest to start treatment as soon as possible,” said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. “Importantly, with the planned initiation of the first clinical study of a next-generation corrector this week, we continue to move quickly to develop combinations of our potential medicines that could provide improved benefit for people already taking our medicines and for others, to provide the first medicine to treat the underlying cause of their cystic fibrosis.”
Vertex Pharmaceuticals Incorporated engages in discovering, developing, manufacturing, and commercializing small molecule drugs for patients with serious diseases in specialty markets.
Finally, Shares of Ocwen Financial Corp (NYSE:OCN), ended its last trade with -4.06% loss, and closed at $6.86.
Ocwen Financial Corporation, stated a net loss of $(66.8) million, or $(0.53) per share, for the three months ended September 30, 2015 contrast to a net loss of $(75.3) million, or $(0.58) per share, for the three months ended September 30, 2014. Ocwen generated revenue of $405 million, down 21% contrast to the third quarter of the preceding year. Cash Flows from Operating Activities were $239 million for the three months ended September 30, 2015, contrast to $349 million during the same period last year.
“In the third quarter, we continued to make progress on our planned and operating initiatives. Our asset sale strategy has succeeded in generating proceeds and gains for the Company, enabling us to reduce leverage and focus on simplifying our operations. Our operating cash flow remained strong, enabling us to end the quarter with more than $731 million in available liquidity, counting $459 million of cash on hand. The capital markets also continue to demonstrate strong support for the Company, as we were able to successfully refinance our $1.8 billion OMART servicing advance facility and execute an amendment with our term loan lenders to give us more flexibility moving forward” commented Ron Faris, President and CEO of Ocwen.
Third Quarter Results
Pre-tax loss for the third quarter of 2015 was $(55.9) million. Pre-tax results were influenced by a number of noteworthy items counting but not limited to: $41.2 million of net gains from sales of performing and non-performing agency mortgage servicing rights (MSRs) regarding loans with a total unpaid principal balance (UPB) of $22.0 billion, $(23.4) million of interest rate driven impairment of our GNMA MSRs carried at lower of cost or fair value, $(17.4) million in restructuring costs, counting severance and Fiserv platform exit costs, $(12.5) million of monitor costs, $(11.1) million in legacy servicing claim reserves, $(11.0) million in legal and other settlement costs and $(8.2) million of expense incurred following our agreement with New Residential Investment Corp. in connection with downgrades to our S&P servicer ratings. Servicing recorded a $(12.7) million pre-tax loss inclusive of the gain on sales of MSRs, MSR fair value changes and legacy servicing claim reserves. The Lending segment generated $8.6 million of pre-tax income for the third quarter of 2015.
Ocwen Financial Corporation, a financial services holding company, engages in servicing and origination of mortgage loans in the United States. Its Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset administration services to owners of mortgage loans and foreclosed real estate.