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Xilinx approves $1B buyback scheme as fiscal Q2 net income rises YOY

Xilinx Inc. reported a year-over-year increase in fiscal second-quarter net income and announced a $1.0 billion share buyback program.

GAAP net income for the second quarter ended Sept. 28 came in at $227 million, or 89 cents per share, compared with $216 million, or 84 cents per share, in the three months ended Sept. 29, 2018. This was in line with the S&P Global Market Intelligence consensus forecast for second-quarter GAAP EPS.

Non-GAAP EPS was 94 cents, compared with 87 cents a year ago.

In announcing the results, the programmable device maker declared a quarterly cash dividend of 37 cents per outstanding share of common stock, payable Dec. 3 to stockholders of record as of Nov. 12.

The board of directors also authorized the repurchase of up to $1.0 billion of the company's common stock.

President and CEO Victor Peng said the company's fiscal third quarter is expected to be "our low point," but that a fourth-quarter return to sequential revenue growth is foreseen.

GAAP revenues are expected in the range of $3.21 billion to $3.28 billion in the full fiscal year.