MKS Instruments, Inc. reports first quarter 2015 financial results. Sales were $214 million, an increase of 5% from $203 million in the fourth quarter of 2014, and an increase of 4% from $206 million in the first quarter of 2014.
First quarter net income was $33.8 million, or $0.63 per diluted share, compared to net income of $34.2 million, or $0.64 per diluted share in the fourth quarter of 2014, and $31.2 million, or $0.58 per diluted share in the first quarter of 2014.
Non-GAAP net earnings, which exclude special charges and credits, were $35.5 million, or $0.66 per diluted share, compared to $29.1 million, or $0.54 per diluted share in the fourth quarter of 2014, and $27.2 million, or $0.51 per diluted share in the first quarter of 2014.
In the first quarter, the board of directors authorized a quarterly cash dividend of $0.165 per share, and the Company paid a dividend of $8.8 million on March 13th.
Gerald Colella, Chief Executive Officer and President, said, "The first quarter was another strong quarter financially for MKS. Sales were up 5% from the fourth quarter and at the high end of our guidance range, and profitability exceeded our expectations with non-GAAP earnings per share up over 20% sequentially. The favorable results were primarily driven by improvements to our operating model, as well as a continued strong environment for our semiconductor business, which increased 7% from the fourth quarter, while sales to all other markets grew for the sixth straight quarter.
"Recent reports for semiconductor capital spending are mixed, but continue to indicate a healthy market for wafer fab equipment in 2015. Our near-term visibility indicates a continued positive business environment in both our semiconductor and other advanced markets for the second quarter, which we expect will be stronger than the same period last year. As we operate within this healthy business environment, we continue to make refinements to our operating structure and improvements to our profitability, as well as redeploying resources to strategic and high-growth areas.
"Based on these factors, and looking at current business levels, we anticipate that sales in the second quarter may range from $200 million to $220 million, and at these volumes, our non-GAAP net earnings could range from $0.53 to $0.66 per share and our GAAP net income could range from $0.54 to $0.67 per share."