Lam Research Corporation Announces $2.3 Billion Capital Return Program
November 14 2017 - 5:00PM
Lam Research Corporation (Nasdaq:LRCX) today announced that its
Board of Directors has approved a $2 billion share repurchase
authorization, with execution planned over the next 12 to 18
months; and a 11% increase of the company’s quarterly dividend.
On an annualized basis, the quarterly dividend of $0.50 per
share of common stock would return approximately $324 million to
stockholders based on shares outstanding as of September 24,
2017. The increased dividend payment has been declared and
will be made on January 10, 2018 to holders of record on December
6, 2017. Future dividend payments are subject to review and
approval by the Board.
Also, the company is authorized to repurchase up to an
additional $2 billion of common stock; this authorization
supplements the remaining balances from any prior
authorizations. Repurchases may be made through both public
market and private transactions, and may include the use of
derivative contracts and structured share repurchase
agreements. The share repurchase program may be suspended or
discontinued at any time.
"Our $2 billion share repurchase authorization and 11% growth in
the quarterly dividend reflect the company’s outstanding
performance, strong cash flow generation and our conviction in the
exciting opportunities ahead for Lam," stated Martin Anstice,
president and chief executive officer of Lam Research. "We remain
committed to investing in sustainable growth and augmenting returns
through the combination of share repurchases and growing our
dividend over time.”
Caution Regarding Forward-Looking
Statements:Statements made in this press release that are
not of historical fact are forward-looking statements and are
subject to the safe harbor provisions created by the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements relate to, but are not limited to: our plans and
commitment to invest in sustainable growth, to augment returns and
to execute a capital return program, including the share repurchase
program, current and future quarterly dividends, and annualized
return; and our financial performance, cash generation capability
and business opportunities. These forward-looking statements
are based on current expectations and are subject to uncertainties
and changes in condition, significance, value and effect, our
continued financial health and ability to make share repurchases
and pay dividends, as well as the other risks and uncertainties
that are described in the documents filed or furnished by us with
the Securities and Exchange Commission, including specifically the
Risk Factors described in our annual report on Form 10-K for the
fiscal year ended June 25, 2017, and Form 10-Q for the quarter
ended September 24, 2017. These uncertainties and changes could
materially affect the forward looking statements and cause actual
results to vary from expectations in a material way. The Company
undertakes no obligation to update the information or statements
made in this press release.
About Lam Research:Lam Research Corp. is a
global supplier of innovative wafer fabrication equipment and
services to the semiconductor industry. As a trusted, collaborative
partner to the world's leading semiconductor companies, we combine
superior systems engineering capability, technology leadership, and
unwavering commitment to customer success to accelerate innovation
through enhanced device performance. In fact, today, nearly every
advanced chip is built with Lam technology. Lam
Research (Nasdaq:LRCX) is a FORTUNE 500® company headquartered
in Fremont, Calif., with operations around the globe. Learn
more at www.lamresearch.com. (LRCX-F)
Company Contacts:Satya Kumar Investor
Relations(510) 572 – 1615Email:
investor.relations@lamresearch.com
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