Press release
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
About this update from Microchip Technology Incorporated
[{"type":"text","content":"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 Incor...