Shares of MKS Instruments (NASDAQ: MKSI) surged over 14% in pre-market trading on November 7th, 2024, after the semiconductor equipment maker reported better-than-expected third-quarter results and provided an optimistic outlook for the current quarter.
For the third quarter of 2024, MKS Instruments reported non-GAAP earnings per share of $1.72, up 17.9% year-over-year and exceeding analysts' consensus estimate of $1.45. Revenue came in at $896 million, down 3.9% from the prior year but exceeding consensus expectations of $874.7 million.
The company's Semiconductor Systems segment, which provides advanced plasma and reactive gas products used in the manufacturing of logic and memory chips, saw revenue growth of 3% year-over-year to $378 million, driven by strong demand. "While the overall demand environment remains muted, MKS Instruments is well-positioned for the expected market recovery due to its broad portfolio of market-leading solutions," said CEO John T.C. Lee.
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