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Jun 30, 2022
Microchip Q1 2023 Earnings Report
Reported record financial results, driven by robust demand and capacity improvements.
Key Takeaways
Microchip Technology reported record net sales of $1.964 billion for the first quarter of fiscal year 2023, a 25.1% increase from the year-ago quarter. GAAP EPS was $0.90, and non-GAAP EPS was $1.37. The company also declared a record quarterly dividend of 30.1 cents per share.
Record net sales of $1.964 billion, up 25.1% from the year-ago quarter.
GAAP EPS was $0.90 per diluted share, up from $0.45 in the prior year's first fiscal quarter.
Non-GAAP EPS was $1.37 per diluted share, up from $0.99 in the prior year's first fiscal quarter.
Record quarterly dividend declared of 30.1 cents per share, an increase of 37.8% from the year-ago quarter.
Forward Guidance
The company expects net sales in the September quarter to be up between 3% and 7% sequentially. At the mid-point of our guidance for the September quarter, net sales would be 25% higher than the year-ago quarter.
Positive Outlook
- Net Sales $2.023 to $2.101 billion
- Gross Margin 66.9% to 67.3%
- Operating Income 34.7% to 35.7%
- Earnings per Diluted Share $0.94 to $0.95
- Non-GAAP Earnings per Diluted Share $1.42 to $1.46
Challenges Ahead
- Other Expense, net $53.4 to $55.8 million
- Income Tax Provision $119.9 to $163.0 million
- GAAP Operating Expenses 31.6% to 32.2%
- Our actual inventory level will depend on the inventory that our distributors decide to hold to support their customers
Historical Earnings Impact
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Avg. Return Before/After Earnings
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