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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.