ANDOVER, MA – MKS Instruments posted second quarter revenue of $544.3 million, up 14.8% year-over-year, driven by demand in the semiconductor market. Adjusted EBITDA increased 28.8% to $133.2 million.
Revenue from advanced markets (40.9% of total revenue) was $222.8 million, down 14.3% year-over-year. The top line was negatively impacted by lower revenue from certain industrial applications, partially offset by strong growth in PCB drilling applications.
Products revenue (86.9% of total revenue) was $473 million, up 17.9% from the year-ago quarter. Services revenue (13.1%) declined 2.1% year-over-year to $71.3 million.
Revenue from the semiconductor market (59.1% of total revenue) jumped 50.2% to $321.5 million compared to the second quarter of 2019, owing to increased demand in Power Solutions.
Equipment & Solutions segment revenue (11.7% of total revenue) was $63.8 million, up 14.2% year-over-year.
As of June 30, MKS Instruments had cash and short-term investments of $607 million, compared with $503 million as of Mar. 31.
Cash flow from operations surged 79.4% year-over-year to $139 million. Free cash flow jumped 85.1% $118.1 million.
For the third quarter, MKS Instruments anticipates revenue between $535 million and $585 million.