(RTTNews)  MKS Instruments Inc. (MKSI) issued financial forecast for the first quarter, above consensus, despite reporting lower profit for the fourth quarter, and a 22% drop in quarterly sales.

For the first-quarter of fiscal 2012, the company now projects non-GAAP earnings in the range of $0.31 - $0.44 per share, on sales between $175 million and $195 million. Analysts are looking for earnings of of $0.24 per share on revenue of $152.57 million.

The company's fourth-quarter net income was $22.7 million or $0.43 per share, compared to $35.9 million or $0.70 per share in the prior year quarter.

On a non-GAAP basis, net income, which exclude special charges, totaled $20.4 million or $0.38 per share, compared to $34.4 million or $0.67 per share in the same quarter of last year.

On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share. Analysts' estimate typically exclude certain special items.

Quarterly sales dropped 22% to $171.7 million from $219 million generated a year earlier. Six Wall Street analysts had a consensus revenue estimate of $153.82 million for the quarter.

Leo Berlinghieri, Chief Executive Officer and President, said, “2011 was another strong year for MKS. In the first half of the year we delivered our two strongest revenue quarters on record, and, even though we saw a slowdown in the second half, we continued to demonstrate the strength of our financial model and our ability to rapidly adjust to changing business conditions.”

In addition, the company noted that it added $140 million in net cash and investments to the balance sheet, declared quarterly dividends returning $31.4 million to its shareholders during 2011, and initiated a $200 million stock repurchase program.

by RTT Staff Writer

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