Microchip Q3 revenue drops 21.7% sequentially; GAAP EPS beats guidance but non-GAAP misses

MICROCHIP TECHNOLOGY INC

2024-Q3 EPS reported $3.19 revenue$6,308,600,000

Net sales $1.766B, down 21.7% QoQ and 18.6% YoY; preliminary guidance had indicated a 22% sequential decline.
GAAP EPS $0.77 (guidance $0.68-$0.76); non-GAAP EPS $1.08 (guidance $1.09-$1.17).
Dividend increased 25.7% to $0.45/share for the March quarter, a record quarterly dividend.
Paid down $392M of debt in the quarter; cumulative $7.1B over 22 quarters; net leverage 1.27x.
Returned $352M to shareholders via $237.4M dividends and $114.6M share repurchases (1.4M shares at avg $82.66).

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 0.98

MICROCHIP TECHNOLOGY INC reported third quarter of fiscal year 2024 results: revenue $1.766 billion, net income $419.2 million, EPS $0.77 per diluted share.

Period: third quarter of fiscal year 2024
Revenue: $1.766 billion
Net income: $419.2 million
EPS: $0.77 per diluted share
Result: reported results

Exact text from the filing

INVESTOR RELATIONS CONTACT: J. Eric Bjornholt -- CFO..... (480) 792-7804 MICROCHIP TECHNOLOGY ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER OF FISCAL YEAR 2024 • Net sales of $1.766 billion, down 21.7% sequentially and down 18.6% from the year ago quarter. Our preliminary net sales results provided on January 8, 2024 was for net sales to be down 22% sequentially. •

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Source: SEC EDGAR

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