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Mar 31, 2023
Microchip Q4 2023 Earnings Report
Reported record financial results for the fourth quarter and fiscal year 2023.
Key Takeaways
Microchip Technology Incorporated reported record net sales of $2.233 billion for the quarter ended March 31, 2023, up 21.1% from the year-ago quarter. On a non-GAAP basis, record EPS was $1.64 per diluted share. The company paid down $153.0 million of debt and returned approximately $469.8 million to shareholders through dividends and share repurchases.
Record net sales of $2.233 billion, up 2.9% sequentially and up 21.1% from the year ago quarter.
Record GAAP EPS of $1.09 per diluted share and record Non-GAAP EPS of $1.64 per diluted share.
Paid down $153.0 million of debt in the March 2023 quarter, cumulatively paying down $6.3 billion of debt over the last 19 quarters.
Declared a record quarterly dividend of 38.3 cents per share for the June quarter, an increase of 38.8% from the year ago quarter.
Forward Guidance
Microchip expects net sales in the June quarter to be up between 1% and 4% sequentially. At the mid-point of our guidance for the June quarter, net sales would be 16.5% higher than the year-ago quarter.
Positive Outlook
- Net Sales $2.255 to $2.322 billion
- GAAP Gross Margin 68.0% to 68.2%
- Non-GAAP Gross Margin 68.3% to 68.5%
- GAAP Operating Income 38.7% to 39.4%
- Non-GAAP Operating Income 47.8% to 48.4%
Challenges Ahead
- GAAP Operating Expenses 28.8% to 29.3%
- Non-GAAP Operating Expenses 20.1% to 20.5%
- GAAP Other Expense, net $46.8 to $49.2 million
- Non-GAAP Other Expense, net $47.0 to $49.0 million
- GAAP Income Tax Provision $190.0 to $224.8 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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