Microchip Technology Increases Quarterly Cash Dividend 25.7% Year-Over-Year to 45.0 Cents Per Share
01 Fevereiro 2024 - 6:10PM
(NASDAQ: MCHP) -- Microchip Technology Incorporated, a leading
provider of smart, connected, and secure embedded control
solutions, today announced that its Board of Directors declared a
quarterly cash dividend on its common stock of 45.0 cents per
share. The dividend is payable on March 8, 2024, to
stockholders of record on February 23, 2024. Microchip
initiated quarterly cash dividend payments in the third quarter of
fiscal year 2003 and has increased its dividend 80 times since its
inception.
“Microchip’s financial performance in the December 2023 quarter
fell short of our guidance, however, cash generation remained
strong and we continued to make progress towards our capital return
strategy,” said Steve Sanghi, Executive Chair. “Today, our Board of
Directors approved a year-over-year increase in our dividend of
25.7% to 45.0 cents per share, up from our February 2023 dividend
of 35.8 cents per share. This represents 86 consecutive quarters of
dividend payments for Microchip and reflects confidence in the
cash-generating capability of our business, as well as our ongoing
commitment to returning capital to our stockholders. Despite the
current market dynamics, we remain committed to return 100% of our
adjusted free cash flow to shareholders by the March 2025
quarter.”
Cautionary Statement:
The statements contained in this release relating to continued
progress towards our capital return strategy, our confidence in the
cash-generating capability of our business and our ongoing
commitment to returning capital to our stockholders and remaining
committed to return 100% of our adjusted free cash flow to
shareholders by the March 2025 quarter 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 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 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 future 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.
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.
Stockholders of Microchip are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of
the date such statements are made. Microchip does not undertake any
obligation to publicly update any forward-looking statements to
reflect events, circumstances, or new information after this
February 1, 2024 press release or to reflect the occurrence of
unanticipated events.
About Microchip:
Microchip Technology Incorporated is a leading provider of
smart, connected and secure embedded control solutions. Its
easy-to-use development tools and comprehensive product portfolio
enable customers to create optimal designs, which reduce risk while
lowering total system cost and time to market. The company's
solutions serve more than 125,000 customers across the industrial,
automotive, consumer, aerospace and defense, communications and
computing markets. Headquartered in Chandler, Arizona, Microchip
offers outstanding technical support along with dependable delivery
and quality. For more information, visit the Microchip website at
www.microchip.com.
The Microchip logo and name are registered
trademarks of Microchip Technology Incorporated.
INVESTOR RELATIONS CONTACT:J. Eric Bjornholt --
CFO..... (480) 792-7804
Microchip Technology (NASDAQ:MCHP)
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