For the quarter ended
March 31, 2024
- Net sales of $1.326 billion , down 24.9% sequentially and down 40.6% from the year ago quarter. Our guidance provided on February 1, 2024 was for net sales to be down 25% sequentially.
- On a GAAP basis: gross profit of 59.6% ; operating income of $253.5 million and 19.1% of net sales; net income of $154.7 million ; and EPS of $0.28 per diluted share. Our guidance provided on February 1, 2024 was for GAAP EPS of $ 0.13 to $ 0.32 per diluted share.
- On a Non-GAAP basis: gross profit of 60.3% ; operating income of $436.0 million and 32.9% of net sales; net income of $310.3 million and EPS of $0.57 per diluted share. Our guidance provided on February 1, 2024 was for Non-GAAP EPS of $ 0.46 to $ 0.68 per diluted share.
- Returned a record $629.9 million to shareholders in the March quarter through dividends of $242.5 million and the repurchase of $387.4 million , or 4.5 million shares of our common stock, at an average price of $85.38 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased $2.354 billion , or 30.4 million shares, over the last ten quarters.
-
Record quarterly dividend declared today for the
June
quarter of
45.2 cents
per share, an increase of
18.0
% from the year ago quarter.
For fiscal year 2024
- Net sales of $7.634 billion decreased 9.5% over the prior year.
- On a GAAP basis: gross profit of 65.4% ; operating income of $2.571 billion ; net income of $1.907 billion , adversely impacted by purchase accounting adjustments associated with our previous acquisitions and a $12.2 million loss on debt settlement associated with our debt refinancing activities; and EPS of $3.48 per diluted share.
- On a Non-GAAP basis: gross profit of 65.8% ; operating income of $3.349 billion and 43.9% of net sales; net income of $2.698 billion and EPS of $4.92 per diluted share.
- Paid down $447.4 million of total debt and returned $1.89 billion to shareholders through dividends and share repurchases.
CHANDLER, Ariz., May 06, 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 and fiscal year ended March 31, 2024, as summarized in the table below.
| Three Months Ended March 31, 2024 (1) | Twelve Months Ended March 31, 2024 (1) | |||||||||||
| Net sales | $1,325.8 | $7,634.4 | ||||||||||
| GAAP | % | Non-GAAP (2) | % | GAAP | % | Non-GAAP (2) | % | |||||
| Gross profit | $789.9 | 59.6% | $799.6 | 60.3% | $4,995.7 | 65.4% | $5,025.6 | 65.8% | ||||
| Operating income | $253.5 | 19.1% | $436.0 | 32.9% | $2,571.0 | 33.7% | $3,349.2 | 43.9% | ||||
| Other expense | $(53.8) | $(53.8) | $(205.1) | $(192.9) | ||||||||
| Income tax provision | $45.0 | $71.9 | $459.0 | $458.7 | ||||||||
| Net income | $154.7 | 11.7% | $310.3 | 23.4% | $1,906.9 | 25.0% | $2,697.6 | 35.3% | ||||
| Net income per diluted share | $0.28 | $0.57 | $3.48 | $4.92 | ||||||||
