MKS Instruments, Inc. reports third quarter 2014 financial results.
Sales were $187 million, an increase of 1% from $185 million in the second quarter of 2014, and an increase of 12% from $166 million in the third quarter of 2013.
Third quarter net income was $29.1 million, or $0.55 per diluted share, compared to net income of $21.2 million, or $0.40 per diluted share in the second quarter of 2014, and $2.5 million, or $0.05 per diluted share in the third quarter of 2013. Net income in the quarter includes discrete tax credits of $9.5 million.
Non-GAAP net earnings, which exclude special charges and credits, were $22.8 million, or $0.43 per diluted share, compared to $22.6 million, or $0.42 per diluted share in the second quarter of 2014, and $13.3 million, or $0.25 per diluted share in the third quarter of 2013.
In the third quarter, the board of directors authorized a quarterly cash dividend of $0.165 per share, and paid a dividend of $8.8 million on September 12th.
Gerald Colella, Chief Executive Officer and President, said, "The third quarter was another strong quarter financially for MKS. Sales came in at the high end of our guidance, with profitability exceeding our expectations. Semiconductor sales were relatively stable compared to the second quarter and remained stronger than expected, while sales to all other markets further increased sequentially - a reflection of the contribution from Granville-Phillips as well as our continued emphasis on these adjacent markets.
"Technology changes continue to positively impact our business. As we look to the fourth quarter, we see continued strength in both our semiconductor and other advanced markets. As we operate within this healthy business environment, we continue to make refinements to our operating structure and improvements to our profitability - redeploying resources to strategic and high-growth areas and continuously finding ways to streamline our cost structure.
"Based on these factors, and looking at current business levels, we anticipate that sales in the fourth quarter may range from $185 million to $200 million, and at these volumes, our non-GAAP net earnings could range from $0.42 to $0.53 per share."