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mks MKS Instruments Reports First Quarter 2021 Financial Results April 26 , 2021 • Record revenue of $ 694 million , up 30 % year - over - year • Record Non - GAAP net earnings of $ 143 million , up 68 % year - over - year , and GAAP net income of $ 122 million , up 77 % year - over - year • Operating cash flow of $ 127 million , up 69 % year - over - year , and free cash flow of $ 100 million , up 55 % year - over - year ANDOVER , Mass . , April 26 , 2021 ( GLOBE NEWSWIRE ) -- MKS Instruments , Inc. ( NASDAQ : MKSI ) , a global provider of technologies that enable advanced processes and improve productivity , today reported first quarter 2021 financial results . " We delivered another quarter of record revenue and earnings , as we continue to see strong demand trends in our Semiconductor Market , as well as an acceleration in revenue from our Advanced Markets , " said John T.C. Lee , President and Chief Executive Officer . " In our Semiconductor Market , demand was broad - based , as we delivered new quarterly revenue records for our Pressure , Valves , and Flow solutions , while also delivering another robust quarter in Power solutions . As evidenced by recently released VLSI research data for 2020 , we gained significant share in the total Critical Subsystems category in 2020 , and our portfolio breadth , operational track record and focused innovation strategy position us to continue to outperform our peers . " Mr. Lee added , " Revenue from our Advanced Markets accelerated further in the first quarter , growing 27 % year - over - year . We are seeing growing demand for our Surround the WorkpieceⓇ portfolio in Advanced Electronics Manufacturing applications , and we expect momentum to extend into the second quarter . " " We are pleased to deliver first quarter gross margins that exceeded the high end of our guidance , and combined with our continued cost control , enabled us to generate strong Non - GAAP operating margin expansion of 110 basis points sequentially , and 530 basis points year - over - year , " said Seth H. Bagshaw , Senior Vice President and Chief Financial Officer . Mr. Bagshaw added , " Our balance sheet continues to strengthen , as we exited the quarter with $ 78 million in net cash . Our strong financial position provides added flexibility in executing on our capital allocation priorities . " Second Quarter 2021 Outlook Based on current business levels , the Company expects revenue in the second quarter of 2021 of $ 740 million , plus or minus $ 30 million . At these volumes , the Company expects GAAP net income per diluted share of $ 2.70 , plus or minus $ 0.26 , and Non - GAAP net earnings per diluted share of $ 2.92 , plus or minus $ 0.26 . Conference Call Details A conference call with management will be held on Tuesday , April 27 , 2021 at 8:30 a.m. ( Eastern Time ) . To access a live webcast of the conference call and related presentation materials management will refer to during the call , visit MKS ' website at mksinst.com and click on Company - Investor Relations . The webcast and related presentation materials will be listed in the calendar of events . To participate by telephone , please dial ( 877 ) 212-6076 for domestic callers or ( 707 ) 287-9331 for international callers , provide the operator with Conference ID ( 8094738 ) , and access the presentation materials on MKS ' website . Participants are asked to access the live webcast or dial in at least 15 minutes in advance to ensure a timely connection . An archive of the webcast and related presentation materials will be available on MKS ' website . About MKS Instruments MKS Instruments , Inc. is a global provider of instruments , systems , subsystems and process control solutions that measure , monitor , deliver , analyze , power and control critical parameters of advanced manufacturing processes to improve process performance and productivity for our customers . Our products are derived from our core competencies in pressure measurement and control , flow measurement and control , gas and vapor delivery , gas composition analysis , electronic control technology , reactive gas generation and delivery , power generation and delivery , vacuum technology , lasers , photonics , optics , precision motion control , vibration control and laser - based manufacturing systems solutions . We also provide services relating to the maintenance and repair of our products , installation services and training . Our primary served markets include semiconductor , industrial technologies , life and health sciences , and research and defense . Additional information can be found at mksinst.com . Use of Non - GAAP Financial Results This press release includes financial measures that are not in accordance with U.S. generally accepted accounting principles ( " Non - GAAP financial measures " ) . These Non - GAAP financial measures should be viewed in addition to , and not as a substitute for , MKS ' reported GAAP results , and may be different from Non - GAAP financial measures used by other companies . In addition , these Non - GAAP financial measures are not based on any comprehensive set of accounting rules or principles . MKS management believes the presentation of these Non - GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results . For further information regarding these Non - GAAP financial measures , please refer to the tables presenting reconciliations of our Non - GAAP results to our U.S. GAAP results and the " Notes to our Non - GAAP Financial Information " at the end of this press release . Selected GAAP and Non - GAAP Financial Measures