MKS Instruments (MKSI) saw its shares surge more than 11% in pre-market trading on Tuesday, following the company's better-than-expected third-quarter 2024 earnings and revenue results, as well as an optimistic outlook for the current quarter.
The semiconductor equipment maker reported non-GAAP earnings per share of $1.72 for the third quarter, up 17.9% year-over-year and beating analysts' estimates of $1.45. Revenue came in at $896 million, down 3.9% from the prior year but exceeding consensus expectations of $874.7 million.
MKS Instruments' 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. The company's CEO John T.C. Lee said that 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.
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