Broadcom Inc. (NASDAQ:AVGO) rose Friday after the company reported better-than-expected results for its fourth quarter and issued strong sales forecast for the current quarter.
CFO Kirsten Spears enthused, "In fiscal 2021, we achieved record adjusted EBITDA margin of 60%, generating $13.3 billion of free cash flow, or 49% of revenue.
"Consistent with our commitment to return excess cash to shareholders, we are increasing our target quarterly common stock dividend by 14 percent to $4.10 per share per quarter for fiscal year 2022, and announcing a new $10-billion share repurchase program."
GAAP net income was $1,989 million for the fourth quarter; Adjusted EBITDA of $4,547 million for the fourth quarter
GAAP diluted EPS of $4.45 for the fourth quarter; Non-GAAP diluted EPS of $7.81 for the fourth quarter
Broadcom also reported $3,453 million of free cash flow from operations for the fourth quarter, defined as cash from operations of $3,541 million less capital expenditures of $88 million.
First-quarter revenue guidance was approximately $7.6 billion, an expected increase of 14% from the prior year period
In September, the company paid a cash dividend of $3.60 per share of common stock, totaling $1,486 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 million.
AVGO shares popped $44.11, or 7.6%, to $627.53
