MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of technologies that enable advanced processes and improve productivity; today reports second quarter
2011 financial results. Second Quarter Financial Results.
Sales were $224.5 million, up 2% from $220.6 million in the second quarter of 2010 and down 3% from a record $231.9 million in the first quarter of 2011.
Second quarter net income was $38.6 million, or $0.73 per diluted share, compared to net income of $38.8 million, or $0.76 per diluted share, in the second quarter of 2010 and $38.0 million, or $0.73 per diluted share, in the first quarter of 2011.
Record Non-GAAP net earnings were $38.8 million, or $0.73 per diluted share, compared to $33.4 million, or $0.66 per diluted share, in the second quarter of 2010 and $38.2 million, or $0.73 per diluted share, in the first quarter of 2011.
Also in the second quarter, the board of directors authorized a quarterly cash dividend of $0.15 per share which was paid on June 17th. Cash and investments, net of short-term borrowings, were $500.9 million at the end of the quarter, while stockholders' equity, net of intangible assets and goodwill, was $807.7 million at quarter end.
Leo Berlinghieri, Chief Executive Officer and President, said, "We are pleased to report another strong quarter for MKS, with continued strength in the semiconductor market being somewhat offset by a decline in solar business following our record shipments in Q1. Our operating leverage further improved with favorable product mix coupled with effective cost controls. After a robust first half of the year, we are seeing some softening in the semiconductor market as the record shipments of the last few quarters are assimilated and brought on line. We expect that the solar market will remain slightly depressed in the third quarter, but we anticipate that sales to our other markets should continue to remain strong. Based upon these patterns and general business outlook, we estimate that our third quarter sales may range from $180 to $210 million and at this volume, our non-GAAP net earnings could range from $0.40 to $0.60 per share."
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