Press release
Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2025
Net sales of $1.241 billion, down 6.4% sequentially and down 45.8% from the year ago quarter. The midpoint of our guidance provided on May 6, 2024 was net
About this update from Microchip Technology Incorporated
[{"type":"text","content":"Net sales of $1.241 billion, down 6.4% sequentially and down 45.8% from the year ago quarter. The midpoint of our guidance provided on May 6, 2024 was net sales of $1,240 billion.On a GAAP basis: gross profit of 59.4%; operating income of $219.1 million and 17.7% of net sales; net income of $129.3 million; and EPS of $0.24 per diluted share. Our guidance provided on May 6, 2024 was for GAAP EPS of $0.19 to $0.24 per diluted share. On a Non-GAAP basis: gross profit of 59.9%; operating income of $390.5 million and 31.5% of net sales; net income of $289.9 million; and EPS of $0.53 per diluted share. Our guidance provided on May 6, 2024 was for Non-GAAP EPS of $0.48 to $0.56 per diluted share.Returned approximately $315.3 million to stockholders in the June quarter through dividends of $242.6 million and the repurchase of $72.7 million, or 0.8 million shares of our common stock, at an average price of $94.42 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased $2.426 billion, or 31.2 million shares, over the last eleven quarters.Record quarterly dividend declared today for the September quarter of 45.4 cents per share, an increase of 10.7% from the year ago quarter. CHANDLER, Ariz., Aug. 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 June 30, 2024, as summarized in the table below. Three Months Ended June 30, 2024(1)Net sales$1,241.3 GAAP%Non-GAAP(2)%Gross profit$736.959.4%$743.559.9%Operating income$219.117.7%$390.531.5%Other expense$(57.3) $(57.3) Income tax provision$32.5 $43.3 Net income$129.310.4%$289.923.4%Net income per diluted share$0.24 $0.53 (1)In millions, except per share amounts and percentages of net sales.(2)See the \"Use of Non-GAAP Financial Measures\" section of this release. Net sales for the first quarter of fiscal 2025 were $1.241 billion, down 45.8% from net sales of $2.289 billion in the prior year's first fiscal quarter. GAAP net income for the first quarter of fiscal 2025 was $129.3 million, or $0.24 per diluted share, down from GAAP net income of $666.4 million, or $1.21 per diluted share, in the prior year's first fiscal quarter. For the first quarters of fiscal 2025 and fiscal 2024, GAAP net incom...