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Dec 31, 2021
MKS Q4 2021 Earnings Report
MKS Instruments reported record revenue and profitability, driven by strong demand in both the Semiconductor Market and Advanced Markets.
Key Takeaways
MKS Instruments reported record quarterly revenue of $764 million, up 16% year-over-year, and record quarterly Non-GAAP net earnings of $168 million, up 29% year-over-year, and quarterly GAAP net income of $150 million, up 30% year-over-year. The company also reported record annual revenue of $2.9 billion, up 27% year-over-year.
Delivered record revenue and profitability in 2021, despite unprecedented supply chain constraints and continuous disruptions associated with the COVID-19 pandemic.
Exited the year on a strong note in Semiconductor Market with broad-based demand trends across vacuum and photonics portfolios.
Advanced Markets revenue exceeded expectations, led by growth in advanced electronics and industrial applications.
Generated record free cash flow in 2021, and exited the year with record cash and short-term investments of $1.04 billion.
Revenue by Segment
Forward Guidance
The Company expects revenue in the first quarter of 2022 of $750 million, plus or minus $30 million. At these volumes, the Company expects Non-GAAP net earnings per diluted share of $2.57, plus or minus $0.25.
Positive Outlook
- Revenue in the first quarter of 2022 is expected to be $750 million, plus or minus $30 million.
- Non-GAAP net earnings per diluted share for the first quarter of 2022 are expected to be $2.57, plus or minus $0.25.
- Strong demand from customers in both the Semiconductor Market and Advanced Markets.
- RF Power portfolio continues to be successful with market share gain.
- Pending acquisition of Atotech is expected to further accelerate cash generation capability.
Challenges Ahead
- Certain supply chain constraints.
- Excluding any contribution from Atotech Limited.
- Uncertainty regarding the ultimate timing or amount of certain significant items.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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