Sales Up 7% Sequentially for MKS in 2016 First Quarter
MKS Instruments recently reported its first quarter 2016 financial results.
MKS Instruments, Inc. recently reported its first quarter 2016 financial results. Sales were $184 million, an increase of 7% from $172 million in the fourth quarter of 2015, and a decrease of 14% from $214 million in the same quarter of 2015. First quarter net income was $17.6 million (or $0.33 per diluted share), compared to net income of $25.5 million (or $0.48 per diluted share) in the previous quarter, and $33.8 million (or $0.63 per diluted share) in the first quarter of 2015. Non-GAAP net earnings, which exclude special charges and credits, were $20.1 million (or $0.38 per diluted share), compared to $18.4 million (or $0.34 per diluted share) in the fourth quarter of 2015, and $35.5 million (or $0.66 per diluted share) in the first quarter of 2015. During the quarter, the company also paid a dividend of $9.1 million (or $0.17 per share) and repurchased 45,000 shares for $1.5 million.
“We are pleased with our first quarter performance, which was marked by stronger than anticipated revenue from our semiconductor customers,” said Gerald Colella, president and CEO. “These results were driven by improving industry fundamentals and MKS’ strong position in 3D NAND. Moreover, we continue to make progress in broadening our technology and product portfolio and expanding our served available markets. Our pending acquisition of Newport Corp. has passed all necessary regulatory reviews, we successfully secured financing for the acquisition, and subject to approval by the Newport stockholders, we anticipate closing the transaction this Friday. Based on current business levels, we expect that sales in the second quarter of 2016 may range from $185 to $205 million, and at these volumes, our non-GAAP net earnings could range from $0.41 to $0.54 per share and GAAP net income could range from $0.27 to $0.41 per share.”
For more information, visit www.mksinst.com.