Press release
Microchip Technology Declares Quarterly Cash Dividend Increase of 25.9% Year-Over-Year
CHANDLER, Ariz., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control
About this update from Microchip Technology Incorporated
[{"type":"text","content":"CHANDLER, Ariz., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that on November 2, 2021, its Board of Directors declared a quarterly cash dividend on its common stock of 23.2 cents per share. The dividend is payable on December 3, 2021, to stockholders of record on November 19, 2021. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 68 times since its inception. “Microchip’s financial performance in the September 2021 quarter was very strong, resulting in significant cash generation and debt reduction,” said Steve Sanghi, Executive Chair. “Today, our Board of Directors approved a sequential increase in our dividend of 6.2% to 23.2 cents per share, up from our August dividend of 21.85 cents on a split-adjusted basis, reflecting confidence in the cash-generating capability of our business, as well as our ongoing commitment to returning capital to our stockholders. In February 2021, we initiated the path to commence larger quarterly dividends as a part of our cash return strategy and have continued this with our May 2021 and our August 2021 dividend announcements.” Cautionary Statement: The statements contained in this release relating to our path to larger quarterly dividends, our cash return strategy, confidence in the cash-generating capability of our business, and our ongoing commitment to returning capital to our stockholders are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to continued uncertainties related to the impact of the COVID-19 pandemic on the economy, our business, and the business of our customers and suppliers, actual cash flows generated from and used in the operation of our business; actual or projected levels of capital expenditures; our balance of cash and investments; changes in the tax rates that our stockholders pay on our dividends or other changes in U.S. tax laws including the Tax Cut and Jobs Act of 2017 and any new laws which may be enacted; our available borrowings under our credit agreement; the impact...