Press release
MKS Instruments Reports Third Quarter 2019 Financial Results
Quarterly revenue of $462 millionNon-GAAP net earnings of $62 million, or $1.12 per diluted shareGAAP net income of $47 million, or $0.86 per diluted
About this update from Mks Inc.
[{"type":"text","content":"Quarterly revenue of $462 millionNon-GAAP net earnings of $62 million, or $1.12 per diluted shareGAAP net income of $47 million, or $0.86 per diluted shareCompleted $50 million voluntary principal prepayment and repriced secured term loan to Libor + 175 basis points ANDOVER, Mass., Oct. 23, 2019 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of technologies that enable advanced processes and improve productivity, today reported third quarter 2019 financial results.\n “We are very pleased with our financial results for the quarter, as we delivered sequential growth in our Semiconductor end-market, driven by strong product differentiation and execution, combined with an improving demand backdrop. Although our Advanced Markets remain constrained due to global macro-economic and trade uncertainty, we remain very excited about our product and market offerings into 2020 and beyond.” said Gerald Colella, Chief Executive Officer. Mr. Colella added, “We are also very proud that MKS has been selected to the Fortune® 100 Fastest-Growing Companies List for the third year in a row, ranking #21. Our strong operational and financial execution, combined with our commitment to innovation, have underpinned our ability to thrive as a global leader in the markets we serve – and we are just getting started.” “In the quarter, we completed our tenth voluntary principal prepayment and fifth repricing of our secured term loan since loan origination in April 2016. These actions have lowered our annualized non-GAAP interest costs by almost $6 million based on current interest rates, and our goal is to continue to execute on de-levering the balance sheet. We exited the quarter with $475 million in cash and short-term investments, and $895 million of secured term loan debt,” said Seth H. Bagshaw, Senior Vice President and Chief Financial Officer. Quarterly Consolidated Financial Results(in millions, except per share data) Q3 2019Q2 2019GAAP Results Net revenues$462.5$474.1Gross margin44.3%44.5%Operating margin 14.4% 13.5%Net income$47.4$37.7Diluted EPS$0.86$0.69Non-GAAP Results Gross margin44.3%45.0%Operating margin 17.6% 18.6%Net earnings$ 61.6$59.9Diluted EPS$1.12$1.09 Third Quarter 2019 Financial Results Revenue was $462.5 million, a decrease of 2% from $474.1 million in the second quarter of 2019 and a decrease of 5% from $4...