MKS Instruments slumps on Q1 earnings decline
MKS Instruments Inc. (Nasdaq:MKSI) is down 18% today after reporting ahead of the bell its second-quarter earnings had dropped. Net income for the second quarter was $9.2 million, or $0.18 per share, compared with $22.5 million, or $0.39 per share, for the same quarter a year ago. Revenues were $171 million, versus $204 million for the period a year earlier.
“After a strong first quarter with double-digit sequential growth in the semiconductor market, we saw sharply lower demand in the second quarter as this market weakened. However, our solar business continued to ramp, and sales to non-semiconductor markets grew by 17 percent to 45 percent of total sales. Even in this changing business environment, we continue to increase our investment in new product development that will contribute to future revenue growth,” said Leo Berlinghieri, CEO and president, in a statement.
In today’s trading, shares are at $20.05 at 11:30 a.m. ET, down $4.35 from Wednesday’s close. Trading volume is nearly double the average number of shares.
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