The company said net sales for the quarter ended March 31, 2024 were $1.326 billion, down 24.9% sequentially and down 40.6% from a year earlier. Its guidance for February 1, 2024 called for a 25% sequential decline.

1. 01

   The company said net sales for the quarter ended March 31, 2024 were $1.326 billion, down 24.9% sequentially and down 40.6% from a year earlier. Its guidance for February 1, 2024 called for a 25% sequential decline.

2. 02

   Microchip reported GAAP net income of $154.7 million ($0.28 per diluted share) and non-GAAP net income of $310.3 million ($0.57 per diluted share) for the quarter ended March. GAAP net income a year earlier was $604.0 million.

3. 03

   The company said it returned a record $629.9 million to shareholders in the quarter ended March, including dividends of $242.5 million and share repurchases of $387.4 million. For fiscal 2024, it paid down $447.4 million of total debt and returned $1.89 billion to shareholders through dividends and share repurchases.

4. 04

   The company expects net sales for the first quarter of fiscal 2025 (the quarter ending June) to be between $1.22 billion and $1.26 billion. It said the June 2024 quarter marks the bottom of the cycle and that its business will return to sequential revenue growth in the September 2024 quarter.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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