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MKS (MKSI) Q3 FY2023 earnings: revenue $932 million, down 2.3% on the year

MKS Inc. (MKSI) reported revenue of $932 million for Q3 FY2023, the quarter ended 30 September 2023, down 2.3% on the same quarter a year earlier. Net income was $39 million, up 550.0% on the year, and diluted earnings per share $0.58. The figures are the company's own, from the 10-Q it filed with the SEC on 8 November 2023.

Revenue$932 milliondown 2.3%
Net income$39 millionup 550.0%
Diluted EPS$0.58
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue932n/an/an/a
Cost of revenue506n/an/an/a
Gross profit426n/an/an/a
Gross margin45.7%n/an/a
Research and development71.0n/an/an/a
Selling, general and administrative167n/an/an/a
Operating income118n/an/an/a
Operating margin12.7%n/an/a
Interest expense93.0n/an/an/a
Pre-tax income22.0n/an/an/a
Income tax-17.0n/an/an/a
Effective tax rate-77.3%n/an/a
Net income39.0n/an/an/a
Net margin4.2%n/an/a
Diluted EPS$0.58n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow160n/an/an/a
Capital expenditure18.0n/an/an/a
Free cash flow142n/an/an/a
Free cash flow margin15.2%n/an/a
Cash from investing-16.0n/an/an/a
Cash from financing-38.0n/an/an/a
Depreciation and amortisation93.0n/an/an/a
Share-based compensation13.0n/an/an/a
Dividends paid15.0n/an/an/a
Dividend per share$0.22n/an/an/a
Diluted shares, weighted67mn/an/an/a
Shares outstanding at period end67mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity2,476n/an/an/a
Short-term borrowings87.0n/an/an/a
Debt4,787n/an/an/a
Other liabilities1,790n/an/an/a
Total liabilities and equity9,140n/an/an/a
Fixed assets761n/an/an/a
Goodwill2,540n/an/an/a
Intangible assets2,614n/an/an/a
Investments1.0n/an/an/a
Cash and equivalents859n/an/an/a
Receivables618n/an/an/a
Inventory1,009n/an/an/a
Other assets738n/an/an/a
Total assets9,140n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue9328938688878969359369739881,0341,0781,248
Cost of revenue506482453468464493492520527555571653
Gross profit426411415419432442444453461479507595
Gross margin46%46%48%47%48%47%47%47%47%46%47%48%
R&D71.070.070.066.070.065.070.076.076.077.081.076.0
SG&A167162170161167176185175180184190200
Operating income11823.0106127128137111135138144149251
Operating margin13%3%12%14%14%15%12%14%14%14%14%20%
Interest expense93.090.087.079.064.054.053.055.053.051.045.038.0
Pre-tax income22.0-80.019.022.060.079.059.072.084.089.0102213
Tax rate-77%n/a21%-5%-3%-14%12%14%12%-20%18%18%
Net income39.0-69.015.023.062.090.052.062.074.010784.0175
Net margin4%-8%2%3%7%10%6%6%7%10%8%14%
Diluted EPS$0.58-$1.02$0.22$0.33$0.92$1.33$0.77$0.92$1.10$1.58$1.18$2.41
Operating cash flow16018167.012216317614116519714253.0243
Capital expenditure18.034.018.027.022.051.018.029.051.050.025.054.0
Free cash flow14214749.095.014112512313614692.028.0189
Buybacksn/an/a0.00.00.00.045.00.00.00.00.00.0
Dividends paid15.015.015.015.014.015.015.015.014.015.017.017.0
Shares outstanding67m67m67m67m67m67m67m67m67m67m67m68m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 8 November 2023, accession 0000950170-23-061045: the filing on EDGAR. All of MKS Inc.'s filings: EDGAR company page.

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