• Net sales of $1.766 billion , down 21.7% sequentially and down 18.6% from the year ago quarter. Our preliminary net sales results provided on January 8, 2024 was for net sales to be down 22% sequentially.
• On a GAAP basis: gross profit of 63.4% ; operating income of $529.4 million and 30.0% of net sales; net income of $419.2 million ; and EPS of $0.77 per diluted share. Our guidance provided on November 2, 2023 was for GAAP EPS of $ 0.68 to $ 0.76 per diluted share.
• On a Non-GAAP basis: gross profit of 63.8% ; operating income of $728.1 million and 41.2% of net sales; net income of $592.7 million and EPS of $1.08 per diluted share. Our guidance provided on November 2, 2023 was for Non-GAAP EPS of $ 1.09 to $ 1.17 per diluted share.
• Returned approximately $352.0 million to shareholders in the December quarter through dividends of $237.4 million and the repurchase of approximately $114.6 million , or 1.4 million shares of our common stock, at an average price of $82.66 per share under our previously announced $4.0 billion stock buyback program. Cumulatively repurchased approximately $1.966 billion , or 25.9 million shares, over the last nine quarters.
• Paid down $392.0 million of debt in the December 2023 quarter. Cumulatively paid down $7.1 billion of debt over the last 22 quarters . Reduced net leverage to 1.27x.
• Record quarterly dividend declared today for the March quarter of 45.0 cents per share, an increase of 25.7 % from the year ago quarter.
  
  

CHANDLER, Ariz., Feb. 01, 2024 (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 ended December 31, 2023, as summarized in the table below.

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