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mks MKS Instruments Reports Third Quarter 2021 Financial Results October 27 , 2021 • Revenue of $ 742 million , up 26 % year - over - year • Non - GAAP net earnings of $ 155 million , up 45 % year - over - year , and GAAP net income of $ 132 million , up 44 % year - over - year • Operating cash flow of $ 153 million , up 1 % year - over - year , and free cash flow of $ 133 million , up 8 % year - over - year ANDOVER , Mass . , Oct. 27 , 2021 ( GLOBE NEWSWIRE ) -- MKS Instruments , Inc. ( NASDAQ : MKSI ) , a global provider of technologies that enable advanced processes and improve productivity , today reported third quarter 2021 financial results . " Despite facing supply chain constraints in the third quarter , we delivered strong results exceeding the midpoint of our guidance , " said John T.C. Lee , President and Chief Executive Officer . " Revenue from our Semiconductor Market accelerated further , led by robust demand for our RF Power solutions in advanced etch applications , while revenue from our Advanced Markets grew 10 % year - over - year in a traditionally softer quarter . " Mr. Lee added , “ Our pending acquisition of Atotech is proceeding as planned , and we continue to expect the transaction to close by the end of 2021 . We are very excited to welcome the talented Atotech team to MKS and combine our world - class expertise and capabilities to provide foundational solutions for the age of miniaturization and complexity . " " We delivered strong year - over - year growth in our third quarter Non - GAAP operating margin that exceeded the midpoint of our guidance , despite supply chain constraints and rising input costs . This was made possible by our strong execution and cost management , " said Seth H. Bagshaw , Senior Vice President and Chief Financial Officer . Mr. Bagshaw added , " We are pleased to have successfully syndicated our debt financing in connection with the Atotech acquisition . The syndication was well over - subscribed , which is a testament to our strong financial model and track record of successful acquisitions and de - leveraging . " Fourth Quarter 2021 Outlook Based on current business levels and certain supply chain constraints and excluding any contribution from Atotech Limited , the Company expects revenue in the fourth quarter of 2021 of $ 760 million , plus or minus $ 30 million . At these volumes , the Company expects Non - GAAP net earnings per diluted share of $ 2.85 , plus or minus $ 0.26 . Conference Call Details A conference call with management will be held on Thursday , October 28 , 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 5784825 , 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 , temperature sensing , 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 . MKS is not providing a quantitative reconciliation of forward - looking Non - GAAP gross margin , operating expenses , interest expense , net , tax rate , net earnings and net earnings per diluted share to the most directly comparable GAAP financial measures because it is unable to estimate with reasonable certainty the ultimate timing or amount of certain significant items without unreasonable efforts . These items include , but are not limited to , acquisition and integration costs , acquisition inventory step - up , amortization of intangible assets , restructuring and other expense , asset impairment , debt issuance costs and the income tax effect of these items . These items are uncertain , depend on various factors , including , but not limited to , our pending acquisition of Atotech Limited ( " Atotech " ) and our recently completed acquisition of Photon Control Inc. ( " Photon Control " ) , and could have a