Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2023

For the quarter ended March 31, 2023

  • Record net sales of $2.233 billion , up 2.9% sequentially and up 21.1% from the year ago quarter. The midpoint of our guidance provided on February 2, 2023 was net sales of $ 2.224 billion.
  • On a GAAP basis: record gross margin of 68.0% ; record operating income of $848.0 million and a record 38.0% of net sales; record net income of $604.0 million ; and record EPS of $1.09 per diluted share. Our guidance provided on February 2, 2023 was for GAAP EPS of $ 1.07 to $ 1.09 per diluted share.
  • On a Non-GAAP basis: record gross margin of 68.3% ; record operating income of $1.064 billion and a record 47.6% of net sales; record net income of $907.8 million and record EPS of $1.64 per diluted share. Our guidance provided on February 2, 2023 was for Non-GAAP EPS of $ 1.61 to $ 1.63 per diluted share.
  • Paid down $153.0 million of debt in the March 2023 quarter. Cumulatively paid down $6.3 billion of debt over the last 19 quarters . Reduced net leverage to 1.45x .
  • Returned approximately $469.8 million to shareholders in the March quarter through dividends of $195.9 million and the repurchase of approximately $273.9 million , or 3.3 million shares of our common stock, at an average price of $82.55 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased approximately $1.371 billion, or 18.5 million shares, over the last six quarters.
  • Record quarterly dividend declared today for the June quarter of 38.3 cents per share, an increase of 38.8 % from the year ago quarter.

For fiscal year 2023

  • Record net sales of $8.439 billion .
  • On a GAAP basis: record gross margins of 67.5% ; record operating income of $3.116 billion ; net income of $2.238 billion , adversely impacted by purchase accounting adjustments associated with our previous acquisitions and a $8.3 million loss on debt settlement associated with our debt refinancing activities; and record EPS of $4.02 per diluted share.
  • On a Non-GAAP basis: record gross margins of 67.8% ; record operating income of $3.960 billion and a record 46.9% of net sales; record net income of $3.353 billion and record EPS of $6.02 per diluted share.
  • Paid down $1.371 billion of total debt and returned $1.641 billion to shareholders through dividends and share repurchases.

CHANDLER, Ariz., May 04, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months and fiscal year ended March 31, 2023, as summarized in the table below.

  Three Months Ended March 31, 2023 (1) Twelve Months Ended March 31, 2023 (1)
Net sales$2,232.7   $8,438.7   
  GAAP % Non-GAAP (2) % GAAP % Non-GAAP (2) %
Gross margin $1,519.3 68.0% $1,525.4 68.3% $5,697.9 67.5% $5,725.1 67.8%
Operating income $848.0 38.0% $1,063.7 47.6% $3,116.0 36.9% $3,959.8 46.9%
Other expense $(46.2)   $(46.2)   $(206.3)   $(197.9)  
Income tax provision $197.8   $109.7   $672.0   $408.8  
Net income $604.0 27.1% $907.8 40.7% $2,237.7 26.5% $3,353.1 39.7%
Net income per diluted share $1.09   $1.64   $4.02   $6.02  

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