Applied Materials Announces New $6 Billion Share Repurchase Authorization and Increases Cash Dividend by 8.3 Percent

Rhea-AI Summary

Applied Materials, Inc. announced a new $6 billion share repurchase authorization, complementing the existing $3.2 billion left from the prior plan. Additionally, the Board increased the quarterly dividend by 8.3%, raising it from $0.24 to $0.26 per share, effective June 16, 2022, for shareholders on record by May 26, 2022. CEO Gary Dickerson emphasized the company's confidence in long-term market growth and its robust cash flow. This marks the fifth consecutive annual dividend increase for the company, reinforcing its commitment to delivering shareholder value.

Positive

• New $6 billion share repurchase authorization enhances shareholder value.
• 8.3% increase in quarterly cash dividend reflects strong cash flow.
• Fifth consecutive annual dividend increase indicates consistent returns.

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• None.

SANTA CLARA, Calif., March 11, 2022 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced that its Board of Directors has approved a new $6 billion share repurchase authorization, supplementing the previous authorization which had $3.2 billion remaining at the end of the first quarter of fiscal 2022. In addition, the Board approved an 8.3-percent increase in the quarterly cash dividend from $0.24 to $0.26 per share, marking the fifth consecutive annual dividend increase. The dividend is payable on June 16, 2022 to shareholders of record as of May 26, 2022.

“The new share repurchase authorization and dividend increase demonstrate Applied Materials’ confidence in the long-term growth of our markets, the strength of our technology, and our ability to generate strong cash flow and attractive shareholder returns,” said Gary Dickerson, President and CEO. “Our broad portfolio of innovative products puts Applied in a great position to outperform our markets in the years ahead.”

Forward-Looking Statements
This press release contains forward-looking statements, including those regarding anticipated growth in our businesses and markets, technology transitions, business and cash flow performance, and market share positions. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include without limitation the risks and uncertainties described in our SEC filings, including our recent Forms 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977

FAQ

What is the amount of the new share buyback by AMAT?

AMAT has approved a new $6 billion share repurchase authorization.

When will AMAT's new dividend be paid?

The new dividend of $0.26 per share will be payable on June 16, 2022.

What was the previous dividend amount before the increase?

The previous dividend amount was $0.24 per share.

How much was remaining from the previous share repurchase authorization?

There was $3.2 billion remaining from the previous share repurchase authorization.

How many consecutive years has AMAT increased its dividend?

AMAT has increased its dividend for five consecutive years.