MKS Instruments Reports Q2 2023 Financial Results

Estimated reading time: 1 minute

MKS Instruments, Inc., a global provider of enabling technologies that transform our world, reported second quarter 2023 financial results.

“We delivered strong results in the second quarter, led by solid execution and disciplined cost management,” said John T.C. Lee, President and Chief Executive Officer.

Mr. Lee added, “Longer term, we are very excited about how we are positioned to capitalize on multiple secular tailwinds that are driving our served markets. AI, cloud, virtual reality, and electrification are among the applications powering the need for innovation in advanced electronics devices, and the critical solutions that we have added with the Atotech acquisition have made MKS foundational to enabling that innovation.”

“We delivered revenue and Non-GAAP net earnings per diluted share above the midpoint of our guidance for the quarter and continue to make great progress on the integration of Atotech,” said Seth H. Bagshaw, Executive Vice President and Chief Financial Officer. “The non-cash impairment charges we recorded this quarter, primarily resulting from softer demand in the PC and smartphone markets and higher interest rates, do not temper our enthusiasm for what we are building in Electronics & Packaging. We believe we are poised to benefit from an eventual market recovery.”

Mr. Bagshaw added, “Near-term, we continue to expect MKS’ total revenue in the second half of the year to be slightly higher than first half levels, driven by modest improvements across all three of our end markets. We also expect cash flow to normalize in the third quarter and look forward to making steady progress in de-levering the balance sheet.”

Third Quarter 2023 Outlook

The Company expects for the third quarter of 2023, revenue of $930 million, plus or minus $50 million, Adjusted EBITDA of $210 million, plus or minus $26 million, and Non-GAAP net earnings per diluted share of $0.98, plus or minus $0.29.