MICROCHIP releases second quarter financial report for fiscal year 2023

Second quarter financial report for fiscal year 2023 (July 1, 2022 to September 30, 2022):

- Net sales hit a record of US$2.073 billion, up 5.6% month-on-month and 25.7% year-on-year. The midpoint of our company's net sales forecast released on August 2, 2022 is US$2.062 billion.

- GAAP: record gross margin of 67.4%; record operating profit of $755.1 million, a record 36.4% of net sales; record net income of $546.2 million; record diluted earnings per share of $0.98. Our August 2, 2022 guidance for GAAP diluted earnings per share was $0.94 to $0.95.

- On a non-GAAP basis: record gross profit margin of 67.7%; record operating profit of $971.4 million, accounting for a record 46.9% of net sales; record net profit of $814.4 million; dilution Earnings per share hit a record at $1.46. Our company's expected non-GAAP diluted earnings per share released on August 2, 2022 is between US$1.42 and US$1.46.

- Operating cash flow of $793.2 million.

- Repaid $264.9 million of debt in the second quarter of fiscal 2023. A total of $5.48 billion of debt has been repaid over the past 17 quarters.

- The quarterly dividend hit a record of 32.8 cents per share, an increase of 9.0% month-on-month and a year-on-year increase of 41.4%.

- Pursuant to our previously announced $4 billion share repurchase program, we repurchased approximately $247.2 million, or 3.6 million shares of Microchip common stock, at an average price of $68.18 per share in the second quarter of fiscal 2023. Cumulative repurchases over the past four quarters totaled approximately $860.8 million, or 12.1 million shares.

Please copy the following link to your browser to view the full text of the financial report:

https://ww1.microchip.com/downloads/aemDocuments/documents/investor/press-release/MCHP_Announces_Record_Financial_Results_for_Q2FY23.110322.pdf

For more Microchip latest news and updates, please click " Read More " below.