ANDOVER, MA – MKS Instruments announced revenue of $887 million for the second quarter, down 11.6% from the second quarter of 2023.

"Our continued execution, especially in our Semiconductor and Electronics & Packaging markets, drove strong financial results in the second quarter. Revenues of $887 million were at the high end of our guidance while Adjusted EBITDA exceeded the upper end of that same guidance," said president and CEO John T.C. Lee. "As a critical enabler of chipmaking, package substrates and printed circuit boards, we have been able to leverage our broad and differentiated product portfolio and commitment to prudent cost control to generate healthy profits, even in a muted semiconductor and advanced electronics environment.

"The team continues to deliver robust gross margins as we closely manage the cost structure through the current cycle," Lee added. "In addition, we have taken proactive measures to improve our debt profile, including our convertible notes offering in May as well as another repricing and voluntary term loan prepayment of $110 million in July. These actions set the stage for improved operating and earnings leverage when demand conditions recover."

For the third quarter, the company expects revenue of $870 million, plus or minus $40 million.

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