- Record net sales of $2.289 billion , up 2.5% sequentially and up 16.6% from the year ago quarter. The midpoint of our guidance provided on May 4, 2023 was net sales of $ 2.289 billion.
- On a GAAP basis: record gross profit of 68.1% ; record operating income of $903.1 million and a record 39.5% of net sales; record net income of $666.4 million ; and record EPS of $1.21 per diluted share. Our guidance provided on May 4, 2023 was for GAAP EPS of $ 1.15 to $ 1.16 per diluted share.
- On a Non-GAAP basis: record gross profit of 68.4% ; record operating income of $1.100 billion and a record 48.1% of net sales; net income of $905.3 million and record EPS of $1.64 per diluted share. Our guidance provided on May 4, 2023 was for Non-GAAP EPS of $ 1.63 to $ 1.65 per diluted share.
- Paid down $413.0 million of debt in the June 2023 quarter. Cumulatively paid down $6.8 billion of debt over the last 20 quarters . Reduced net leverage to 1.29x.
- Returned approximately $349.2 million to shareholders in the June quarter through dividends of $208.9 million and the repurchase of approximately $140.3 million, or 1.8 million shares of our common stock, at an average price of $77.51 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased approximately $1.512 billion, or 20.3 million shares, over the last seven quarters.
- Record quarterly dividend declared today for the September quarter of 41.0 cents per share, an increase of 36.2 % from the year ago quarter.
CHANDLER, Ariz., Aug. 03, 2023 (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, 2023, as summarized in the table below.
Three Months Ended June 30, 2023 (1) | ||||||
Net sales | $2,288.6 | |||||
GAAP | % | Non-GAAP (2) | % | |||
Gross profit | $1,558.4 | 68.1% | $1,565.2 | 68.4% | ||
Operating income | $903.1 | 39.5% | $1,100.4 | 48.1% | ||
Other expense | $(54.8) | $(45.7) | ||||
Income tax provision | $181.9 | $149.4 | ||||
Net income | $666.4 | 29.1% | $905.3 | 39.6% | ||
Net income per diluted share | $1.21 | $1.64 |