MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies for advanced manufacturing processes, reported strong third-quarter 2024 results that exceeded expectations, despite the overall muted demand environment in the semiconductor industry.

For the quarter ended September 30, 2024, MKS reported revenue of $896 million, down 3.9% year-over-year but above the high end of the company's guidance range. Non-GAAP earnings per share came in at $1.72, representing a 17.9% increase from the prior-year period and beating analyst estimates.

The company's Semiconductor Systems segment recorded revenue of $378 million, up 3.0% year-over-year, driven by strong demand for its advanced plasma and reactive gas products used in the manufacturing of logic and memory chips. However, the Electronics and Packaging and Specialty Industrial segments experienced lower revenue due to the broader macroeconomic slowdown.

MKS Instruments' CEO John T.C. Lee noted that while the overall demand environment remains muted, the company's broad portfolio of market-leading solutions positions it well for the expected market recovery as secular drivers in semiconductors and advanced electronics take hold.