MKS Instruments, Inc. (NASDAQ:MKSI) Q1 2024 Earnings Conference Call May 9, 2024 8:30 AM ET

Company Participants

David Ryzhik - Vice President, Investor Relations
John Lee - President & Chief Executive Officer
Michelle McCarthy - Vice President & Chief Accounting Officer

Conference Call Participants

Steve Barger - KeyBanc Capital Markets
Jim Ricchiuti - Needham & Company
Krish Sankar - TD Cowen
Joe Quatrochi - Wells Fargo

Operator

Welcome to the MKS Instruments' First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, David Ryzhik, Vice President of Investor Relations. Please go ahead.

David Ryzhik

Good morning, everyone. I am David Ryzhik, Vice President of Investor Relations, and I'm joined this morning by John Lee, President and Chief Executive Officer; and Michelle McCarthy, our Vice President and Chief Accounting Officer.

Yesterday after market close, we released our financial results for the first quarter of 2024, which are posted to our investor website at investor.mks.com.

As a reminder, various remarks about future expectations, plans and prospects for MKS comprise forward-looking statements. Actual results may differ materially as a result of various important factors, including those discussed in yesterday's press release and in our annual report on Form 10-K for the year ended December 31st, 2023. These statements represent the company's expectations only as of today and should not be relied upon as representing the company's estimates or views as of any date subsequent today, and the company disclaims any obligation to update these statements.

During the call, we will be discussing various non-GAAP financial measures. Unless otherwise noted, all income statement-related financial measures will be non-GAAP other than revenue and gross margin.

Please refer to our press release and the presentation materials posted to the Investor Relations section of our website for information regarding our non-GAAP financial results and a reconciliation of our GAAP and non-GAAP financial measures. For a detailed breakout of revenues by end market and division, please visit our investor website.

Now, I'll turn the call over to John.

John Lee

Thanks David. Good morning everyone and thanks for joining us today. MKS delivered strong results in the first quarter despite a muted market backdrop. First quarter revenue of $868 million exceeded the midpoint of our guidance. Adjusted EBITDA of $217 million and net earnings per diluted share of $1.18 both exceeded the high end of our guidance.