MKS Inc. approved a share-repurchase authorization of up to $500 million and a $0.25 quarterly cash dividend, setting out new capital-return options as it continues investing in the business.
The new program replaces a plan approved in July 2011, under which about $28 million remained available. MKS may buy common shares in open-market transactions, private negotiations or other permitted ways. The board can halt or end the authorization at any time.
President and CEO John T.C. Lee said repurchases offer a way to return capital while MKS invests in organic growth and strengthens its balance sheet.
The dividend is payable Dec. 7 to shareholders of record Nov. 25. Future dividend declarations and their payment and record dates will depend on board decisions.
In a separate third-quarter results announcement Wednesday, MKS reported record revenue of $1.413 billion, GAAP net income of $236 million and diluted earnings per share of $3.26. The company said all three figures came in above the upper end of its forecasts.
