KLA Corp Trades Higher On Guidance, New Buback, Dividend Raise

KLA Corp KLAC has reaffirmed its preliminary third-quarter guidance and adjusted EPS $2.04-$2.34 versus the $2.20 estimate and sales $1.31 billion-$1.39 billion versus the $1.35 billion estimate.

The company announced an increase in the quarterly dividend level to 85 cents per share, the 10th consecutive annual increase, as well as authorization from the board of directors to repurchase up to $1 billion of the company's common stock.

This is in addition to the existing share repurchase authorization, which had $859 million remaining as of June 30.

"We are excited to host KLA Corporation's investor day to provide the investment community with a deeper understanding of our company and the opportunities that lie before us as we execute our strategic objectives," said Rick Wallace, CEO of KLA Corp

"With the recent acquisition of Orbotech, we have extended our reach in the global electronics value chain, and we continue to execute our profitable growth strategy, with the KLA operating model as the framework to drive performance. The announced increase in the quarterly dividend level and new share repurchase authorization reflect our confidence in these strategies and the opportunities that lie ahead for KLA."

KLA Corp shares were trading up 2.4% at $154.76. The stock has a 52-week range between $155.33 and $80.65.

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