KLA Corp (NASDAQ:KLAC) disclosed a dividend raise and authorized a new share repurchase plan.
The company boosted its quarterly dividend per share to $1.45 from $1.30, marking the 14th consecutive annual dividend increase.
Since its inception, KLAC has increased its quarterly dividend level at a CAGR of about 15%.
The company declared a new share repurchase authorization of $2 billion, incremental to the remaining $1.6 billion under the original share repurchase authorization.
This totals the share repurchase authorization to around $3.6 billion as of August 31, 2023.
“Today’s announcement is consistent with KLA’s long-standing confidence in our business model focused on product differentiation, free cash flow generation, and assertive capital allocation. It also reflects optimism in our growth strategies and continued progress towards our 2026 financial targets,” said Rick Wallace, president and CEO.
As of FY23, operating cash flow stood at $3.67 billion.
Price Action: KLAC shares are trading higher by 0.30% at $508.56 premarket on the last check Tuesday.
