For the quarter ended March 31, 2023

• Record net sales of $2.233 billion , up 2.9% sequentially and up 21.1% from the year ago quarter. The midpoint of our guidance provided on February 2, 2023 was net sales of $ 2.224 billion.
• On a GAAP basis: record gross margin of 68.0% ; record operating income of $848.0 million and a record 38.0% of net sales; record net income of $604.0 million ; and record EPS of $1.09 per diluted share. Our guidance provided on February 2, 2023 was for GAAP EPS of $ 1.07 to $ 1.09 per diluted share.
• On a Non-GAAP basis: record gross margin of 68.3% ; record operating income of $1.064 billion and a record 47.6% of net sales; record net income of $907.8 million and record EPS of $1.64 per diluted share. Our guidance provided on February 2, 2023 was for Non-GAAP EPS of $ 1.61 to $ 1.63 per diluted share.
• Paid down $153.0 million of debt in the March 2023 quarter. Cumulatively paid down $6.3 billion of debt over the last 19 quarters . Reduced net leverage to 1.45x .
• Returned approximately $469.8 million to shareholders in the March quarter through dividends of $195.9 million and the repurchase of approximately $273.9 million , or 3.3 million shares of our common stock, at an average price of $82.55 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased approximately $1.371 billion, or 18.5 million shares, over the last six quarters.
• Record quarterly dividend declared today for the June quarter of 38.3 cents per share, an increase of 38.8 % from the year ago quarter.

For fiscal year 2023

• Record net sales of $8.439 billion .
• On a GAAP basis: record gross margins of 67.5% ; record operating income of $3.116 billion ; net income of $2.238 billion , adversely impacted by purchase accounting adjustments associated with our previous acquisitions and a $8.3 million loss on debt settlement associated with our debt refinancing activities; and record EPS of $4.02 per diluted share.
• On a Non-GAAP basis: record gross margins of 67.8% ; record operating income of $3.960 billion and a record 46.9% of net sales; record net income of $3.353 billion and record EPS of $6.02 per diluted share.
• Paid down $1.371 billion of total debt and returned $1.641 billion to shareholders through dividends and share repurchases.

CHANDLER, Ariz., May 04, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months and fiscal year ended March 31, 2023, as summarized in the table below.