Microchip Technology Provides Preliminary Fiscal Third Quarter Revenue Results and Announces Earnings Release Date
08 Janeiro 2024 - 6:10PM
(NASDAQ: MCHP) - Microchip Technology
Incorporated, a leading provider of smart, connected, and secure
embedded control solutions, today provided preliminary revenue
results for the three months ended December 31, 2023.
"Today, based on preliminary financial information, we are
providing our expected revenue for the fiscal third quarter ended
December 31, 2023. The weakening economic environment that our
customers and distributors faced during the December 2023 quarter
resulted in many of them wanting to receive a lower level of
shipments as they took actions to further de-risk their inventory
positions," said Ganesh Moorthy, President and Chief Executive
Officer. "Many customers also had extended shutdowns or closures at
the end of the December quarter as they managed their operational
activities. The impact of these and related factors was that
certain backlog that we had planned to ship when we provided our
guidance on November 2, 2023 did not ship to customers before the
end of the December quarter. As a result, our preliminary revenue
indication for the December 2023 quarter is to be down sequentially
about 22% compared to our guidance of down 15% to 20%, which we
provided on November 2, 2023. We plan to provide additional
information, including our full financial results for the December
2023 quarter, on February 1, 2024."
Earnings Conference Call Information: Microchip
will host a conference call on February 1, 2024, at 5:00 p.m.
(Eastern Time) to discuss its fiscal third quarter results in
detail. This call will be simulcast over the Internet at
www.microchip.com. The webcast will be available for replay until
February 15, 2024.
A telephonic replay of the conference call will be available at
approximately 8:00 p.m. (Eastern Time) on February 1, 2024,
and will remain available until 5:00 p.m. (Eastern Time) on
February 15, 2024. Interested parties may listen to the replay by
dialing 877-660-6853/201-612-7415 and entering access code
13742831.
Cautionary Statement: The statements in this
release relating to the weakening economic environment that our
customers and distributors faced during the December 2023 quarter,
customers wanting to receive a lower level of shipments as they
took actions to further de-risk their inventory positions, extended
shutdowns or closures by customers as they managed their
operational activities, and that our preliminary revenue indication
for the December 2023 quarter is to be down sequentially, are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements involve risks and uncertainties that could cause
our actual results to differ materially, including, but not limited
to: any continued uncertainty, fluctuations or weakness in the U.S.
and world economies (including China) due to changes in interest
rates, high inflation or the impact of the COVID-19 pandemic
(including lock-downs in China), actions taken or which may be
taken by the Biden administration or the U.S. Congress, monetary
policy, political, geopolitical, trade or other issues in the U.S.
or internationally (including the military conflicts in
Ukraine-Russia and the Middle East), further changes in demand or
market acceptance of our products and the products of our customers
and our ability to meet any increases in market demand or customer
requests to reschedule or cancel orders; the mix of inventory we
hold, our ability to satisfy any short-term orders from our
inventory and our ability to effectively manage our inventory
levels; the impact that the CHIPS Act will have on increasing
manufacturing capacity in our industry by providing incentives for
us, our competitors and foundries to build new wafer manufacturing
facilities or expand existing facilities; the amount and timing of
any incentives we may receive under the CHIPS Act, the impact of
current and future changes in U.S. corporate tax laws (including
the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act
of 2017), foreign currency effects on our business; changes in
utilization of our manufacturing capacity and our ability to
effectively manage and expand our production levels to meet any
increases in market demand or any customer requests to reschedule
or cancel orders; the impact of inflation on our business;
competitive developments including pricing pressures; the level of
orders that are received and can be shipped in a quarter; our
ability to realize the expected benefits of our preferred supply
program and our long-term supply assurance program; changes or
fluctuations in customer order patterns and seasonality; our
ability to effectively manage our supply of wafers from third party
wafer foundries to meet any decreases or increases in our needs and
the cost of such wafers, our ability to obtain additional capacity
from our suppliers to increase production to meet any increases in
market demand; our ability to successfully integrate the operations
and employees, retain key employees and customers and otherwise
realize the expected synergies and benefits of our acquisitions;
the impact of any future significant acquisitions or strategic
transactions we may make; the costs and outcome of any current or
future litigation or other matters involving our acquisitions
(including the acquired business, intellectual property, customers,
or other issues); the costs and outcome of any current or future
tax audit or investigation regarding our business or our acquired
businesses; fluctuations in our stock price and trading volume
which could impact the number of shares we acquire under our share
repurchase program and the timing of such repurchases; disruptions
in our business or the businesses of our customers or suppliers due
to natural disasters (including any floods in Thailand), terrorist
activity, armed conflict, war, worldwide oil prices and supply,
public health concerns (including the COVID-19 pandemic) or
disruptions in the transportation system; and general economic,
industry or political conditions in the United States or
internationally. In addition, the revenue information in this press
release is preliminary and is subject to change following the
completion of our fiscal third-quarter financial closing
procedures.
For a detailed discussion of these and other risk factors,
please refer to Microchip's filings on Forms 10-K and 10-Q. You can
obtain copies of Forms 10-K and 10-Q and other relevant documents
for free at Microchip's website (www.microchip.com) or the SEC's
website (www.sec.gov) or from commercial document retrieval
services.
Note: The Microchip name and logo are registered
trademarks of Microchip Technology Incorporated in the U.S.A. and
other countries. Any other trademarks mentioned herein are the
property of their respective companies.
INVESTOR RELATIONS CONTACT:J. Eric Bjornholt -- CFO..... (480)
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