Press release
Microchip Technology Increases Quarterly Cash Dividend 36.2% Year-Over-Year to 41.0 Cents Per Share
CHANDLER, Ariz., Aug. 03, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure
About this update from Microchip Technology Incorporated
[{"type":"text","content":"CHANDLER, Ariz., Aug. 03, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors declared a quarterly cash dividend on its common stock of 41.0 cents per share. The dividend is payable on September 5, 2023, to stockholders of record on August 22, 2023. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 78 times since its inception. “Microchip’s financial performance in the June 2023 quarter was in line with expectations, resulting in solid cash generation and further debt reduction and share repurchases,” said Steve Sanghi, Executive Chair. “Today, our Board of Directors approved a year-over-year increase in our dividend of 36.2% to 41.0 cents per share, up from our August 2022 dividend of 30.1 cents per share. This represents 84 consecutive quarters of dividend payments for Microchip and reflects confidence in the cash-generating capability of our business, as well as our ongoing commitment to returning capital to our stockholders.” Cautionary Statement: The statements contained in this release relating to our 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 any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China) due to rising interest rates, high inflation or the impact of the COVID-19 pandemic (including lock-downs in China) which affect our business and the businesses of our customers and suppliers, actions taken or which may be taken by the Biden administration or the U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the Ukraine-Russia military conflict), 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 stock...