MKS Instruments (MKSI) Tops Q3 EPS by 16c
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Revenue Growth %: +6.9%
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Selling, general and administrative: 70.42M
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MKS Instruments (NASDAQ: MKSI) reported Q3 EPS of $1.93, $0.16 better than the analyst estimate of $1.77. Revenue for the quarter came in at $590 million versus the consensus estimate of $561.29 million.
“We delivered record quarterly revenue for MKS, led by record Semiconductor Market revenue and a recovery in our Advanced Markets revenue. Demand for our critical enabling technologies in the Semiconductor Market was broad-based across our portfolio and, in particular, for Power Solutions, which has grown more than 110% year-on-year for the first nine months of 2020 and achieved another quarter of record revenue,” said John T.C. Lee, President and Chief Executive Officer.
Mr. Lee added, “We are encouraged with the sequential growth in our Advanced Markets, particularly given the anticipated seasonal decline in our Flex PCB drilling business. We are excited about the long-term opportunities in precision laser processing and our unique positioning to capitalize on them.”
“We achieved another increase in our non-GAAP operating margins, marking the fourth consecutive quarterly increase. This demonstrates our continued focus on driving strong operating leverage in our financial model as well as executing on our long-standing commitment to develop innovative solutions for our customers,” said Seth H. Bagshaw, Senior Vice President and Chief Financial Officer.
Mr. Bagshaw added, “The third quarter marked another record for operating and free cash flow, which reflects our higher profitability and emphasis on driving improvements in our cash conversion cycle. This has enabled us to reduce our net leverage ratio to 0.2x exiting the third quarter, and we anticipate a continued reduction exiting the year.”
For earnings history and earnings-related data on MKS Instruments (MKSI) click here.
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