NEW YORK (AP) — Shares of MKS Instruments Inc. fell in aftermarket trading Wednesday after the company posted disappointing second-quarter results and said its business has remained weak into the third quarter.
MKS makes analysis and processing equipment for semiconductor companies. The company said several chip equipment makers reported a slowdown in capital spending during the second quarter.
It added that those conditions have persisted after the end of the second quarter. It also said demand has decreased in several of its markets, and it expects the decrease in capital equipment spending and slower growth in other markets to continue in the current quarter.
In aftermarket trading, MKS Instruments shares skidded $3.21, or 12.2 percent, to $23.11. The stock gained 84 cents, or 3.3 percent, to $26.32 in Wednesday trading.
The Andover, Mass., company said its net income dropped 52 percent in the second quarter, to $18.6 million, or 35 cents per share, from $38.6 million, or 73 cents per share. Revenue fell 21 percent, to $177.4 million from $224.5 million.
Analysts were expecting net income of 37 cents per share and revenue of $187.1 million, according to FactSet.
MKS forecast net income of 14 to 27 cents per share in the third quarter on revenue of $140 million to $160 million. Analysts were expecting 34 cents per share in net income and $183.5 million in revenue on average.