ANDOVER, MA – MKS Instruments reported fourth quarter net revenues were $660 million, up 32% year-over-year and 12% sequentially.

Net revenues in advanced markets were $267 million, a sequential increase of 16%. Net revenues in the semiconductor market were $393 million, a sequential increase of 9%.

Net income for the fourth quarter was $116 million, up 169.8% year-over-year and 26.1% sequentially. Net income included restructuring and other costs of $3 million, an asset impairment charge of $1 million, and acquisition and integration costs of $400,000 related to the acquisition of ESI.

“We delivered record quarterly and full year revenue,” said president and CEO John T.C. Lee. “Our results were underpinned by strong demand in our semiconductor market and a continued recovery in our advanced markets. In our semiconductor market, we not only achieved record revenue from our power solutions products but also strong year-over-year growth across the remainder of our semiconductor portfolio. This is a clear affirmation of our differentiated Surround the Chamber strategy, which was put in place to drive technology and market leadership.

“We are pleased to return to strong year-over-year growth in advanced markets in the fourth quarter and are encouraged with the demand trends in advanced electronics applications. As we highlighted at our Analyst Day in December, the secular trends of miniaturization, complexity and new materials are driving the need for precision laser processing, where we are well positioned with our Surround the Workpiece portfolio.”

“The fourth quarter marked a strong finish to 2020, as we achieved record quarterly non-GAAP operating income. We generated strong operating leverage in our model, while continuing to make targeted investments to drive long-term organic growth,” said Seth H. Bagshaw, senior vice president and CFO.

“We generated record free cash flow in 2020, and I am pleased to announce we exited the year with a net cash position within 24 months of the acquisition of Electro Scientific Industries (ESI). Our strong cash position provides us with added balance sheet flexibility.”

Net revenues in 2020 were $2.3 billion, an increase of 23% year-over-year.

Net revenues from advanced markets were $944 million, a decrease of 3% compared to 2019, and net revenues in the semiconductor market were $1.4 billion, up 49%. Net revenues for the equipment and solutions division were $234 million in 2020, an increase of 28%.

Net income in 2020 was $350 million, up 150% year-over-year.

Based on current business levels, the company expects revenue in the first quarter of $650 million, plus or minus $25 million.

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