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Mar 31, 2024
Microchip Q4 2024 Earnings Report
Announced financial results for the fourth quarter and fiscal year 2024.
Key Takeaways
Microchip Technology reported Q4 results with net sales of $1.326 billion, a 40.6% decrease from the prior year. GAAP EPS was $0.28, and non-GAAP EPS was $0.57. The company returned $629.9 million to shareholders through dividends and share repurchases and declared a record quarterly dividend of 45.2 cents per share for the June quarter.
Net sales were $1.326 billion, down 24.9% sequentially and 40.6% year-over-year.
GAAP EPS was $0.28 per diluted share, while non-GAAP EPS was $0.57 per diluted share.
Returned a record $629.9 million to shareholders through dividends and share repurchases.
Declared a record quarterly dividend of 45.2 cents per share for the June quarter, an 18.0% increase year-over-year.
Forward Guidance
Microchip anticipates June quarter net sales between $1.22 billion and $1.26 billion and believes that the June 2024 quarter marks the bottom of the cycle, expecting a return to sequential revenue growth in the September 2024 quarter.
Positive Outlook
- Net Sales: $1.22 to $1.26 billion
- Gross Profit (GAAP): 58.5% to 60.5%
- Gross Profit (Non-GAAP): 59.0% to 61.0%
- Operating Income (GAAP): 15.9% to 18.4%
- Operating Income (Non-GAAP): 30.25% to 32.75%
Challenges Ahead
- Other Expense, net: $64.8 to $65.2 million
- Income Tax Provision (GAAP): $25.8 to $38.4 million
- Net Income (GAAP): $103.0 to $128.6 million
- Earnings per Diluted Share (GAAP): $0.19 to $0.24
Historical Earnings Impact
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Avg. Return Before/After Earnings
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