Microchip posts record Q1 FY2024; GAAP EPS $1.21 beats guidance; dividend raised 36%

MICROCHIP TECHNOLOGY INC

2024-Q1 EPS reported $1.21 revenue$2,288,600,000

Record net sales $2.289B (+16.6% YoY); GAAP EPS $1.21 beats guidance of $1.15-$1.16.
Non-GAAP EPS $1.64 in line with guidance ($1.63-$1.65).
Paid down $413M in debt; net leverage reduced to 1.29x.
Quarterly dividend raised to $0.41/share (+36.2% YoY); $140.3M in share repurchases.
Record GAAP operating margin 39.5%; Non-GAAP operating margin 48.1%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MICROCHIP TECHNOLOGY INC reported the three months ended June 30, 2023 results: revenue $2,288.6, net income $666.4, EPS $1.21 per diluted share.

Period: the three months ended June 30, 2023
Revenue: $2,288.6
Net income: $666.4
EPS: $1.21 per diluted share
Result: reported results

Exact text from the filing

Chandler, AZ 85224-6199 Main Office 480•792•7200 Microchip Technology Reports First Quarter Fiscal 2024 Financial Results Page 2 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

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Source: SEC EDGAR

accession 0000827054-23-000131

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