Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2024

  • Net sales of $1.766 billion , down 21.7% sequentially and down 18.6% from the year ago quarter. Our preliminary net sales results provided on January 8, 2024 was for net sales to be down 22% sequentially.
  • On a GAAP basis: gross profit of 63.4% ; operating income of $529.4 million and 30.0% of net sales; net income of $419.2 million ; and EPS of $0.77 per diluted share. Our guidance provided on November 2, 2023 was for GAAP EPS of $ 0.68 to $ 0.76 per diluted share.
  • On a Non-GAAP basis: gross profit of 63.8% ; operating income of $728.1 million and 41.2% of net sales; net income of $592.7 million and EPS of $1.08 per diluted share. Our guidance provided on November 2, 2023 was for Non-GAAP EPS of $ 1.09 to $ 1.17 per diluted share.
  • Returned approximately $352.0 million to shareholders in the December quarter through dividends of $237.4 million and the repurchase of approximately $114.6 million , or 1.4 million shares of our common stock, at an average price of $82.66 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased approximately $1.966 billion , or 25.9 million shares, over the last nine quarters.
  • Paid down $392.0 million of debt in the December 2023 quarter. Cumulatively paid down $7.1 billion of debt over the last 22 quarters . Reduced net leverage to 1.27x.
  • Record quarterly dividend declared today for the March quarter of 45.0 cents per share, an increase of 25.7 % from the year ago quarter.

CHANDLER, Ariz., Feb. 01, 2024 (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 ended December 31, 2023, as summarized in the table below.

  Three Months Ended December 31, 2023 (1)
Net sales$1,765.7   
  GAAP % Non-GAAP ( 2) %
Gross profit$1,120.063.4%$1,126.063.8%
Operating income$529.430.0%$728.141.2%
Other expense$(45.1) $(45.1) 
Income tax provision $65.1   $90.3  
Net income $419.2 23.7% $592.7 33.6%
Net income per diluted share $0.77   $1.08  

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