On October 25, 2023, KLA Corp (KLAC, Financial) announced its financial and operating results for the first quarter of the fiscal year 2024, which ended on September 30, 2023. The company reported GAAP net income of $741.4 million and GAAP earnings per diluted share of $5.41 on revenue of $2.40 billion.
Performance and Challenges
Despite challenging market conditions, KLA Corp (KLAC, Financial) demonstrated strong performance, with results at the high-end or above the midpoint of the guidance ranges for revenue and earnings per share. The company's strong performance highlights the value of KLA products and services to its customers and the resiliency of the KLA Operating Model.
Financial Achievements
KLA Corp (KLAC, Financial) reported total revenues of $2.40 billion, at the upper end of the guidance range of $2.35 billion +/- $125 million. The company's GAAP and non-GAAP diluted EPS attributable to KLA was $5.41 and $5.74, respectively, each finishing at the upper end of the guidance ranges. Cash flow from operating activities for the quarter and last twelve months were $883.7 million and $3.54 billion, respectively, and free cash flow was $815.7 million and $3.22 billion, respectively.
Income Statement, Balance Sheet, Cash Flow Statement
The company's GAAP net income for Q1 FY 2024 was $741 million, compared to $685 million in Q4 FY 2023 and $1,026 million in Q1 FY 2023. Non-GAAP net income attributable to KLA for Q1 FY 2024 was $786 million, compared to $743 million in Q4 FY 2023 and $1,007 million in Q1 FY 2023.
As of September 30, 2023, KLA Corp (KLAC, Financial) had total assets of $14.14 billion, with cash and cash equivalents amounting to $1.71 billion. The company's total liabilities stood at $11.15 billion, with long-term debt accounting for $5.89 billion.
The company's cash flow from operating activities for the quarter was $883.7 million, while cash used in investing activities amounted to $391.7 million. Financing activities used $705.2 million in cash.
Company's Performance Analysis
KLA Corp (KLAC, Financial) demonstrated strong operational execution and market leadership in the first quarter of fiscal 2024. The company's solid free cash flow generation and capital returns highlight its commitment to delivering long-term value to all stakeholders.
Other Pertinent Details
On September 5, KLA announced an increase in the quarterly dividend level to $1.45 per share from $1.30, marking the 14th consecutive annual dividend increase since inception in 2006. The company also announced an increase of $2 billion to the current share repurchase authorization.
Explore the complete 8-K earnings release (here) from KLA Corp for further details.
