(RTTNews) – MKS Instruments Inc. (MKSI) reported that its net income for the first quarter of 2021 rose to $122 million or $2.20 per share from $69 million or $1.25 per share last year.

Net income in the first quarter of 2021 included acquisition and integration costs of $6 million and restructuring and other costs of $5 million.

Non-GAAP net earnings were $143 million, or $2.56 per share, compared to $85 million or $1.54 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.20 per share for the quarter. Analysts’ estimates typically exclude special items.

Net revenues in the first quarter of 2021 were $694 million, a year-over-year increase of 30% from $536 million in the first quarter of 2020. The increase in net revenues was driven by strong demand from customers in both the Semiconductor Market and Advanced Markets. Analysts expected revenue of $652.22 million for the quarter.

Net revenues in the Semiconductor Market were $412 million in the first quarter of 2021, a sequential increase of 5% and year-over-year increase of 32%.

Net revenues in Advanced Markets were $282 million in the first quarter of 2021, a year-over-year increase of 27%.

The company expects revenue in the second quarter of 2021 of $740 million, plus or minus $30 million. It expects GAAP net income per share of $2.70, plus or minus $0.26, and Non-GAAP net earnings per share of $2.92, plus or minus $0.26. Analysts expected the company to report earnings of $2.23 per share and revenues of $654.4 million for the second-quarter.

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