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MCHP Earnings: Microchip Technology Q4 2023 sales and profit increase

Microchip Technology Inc. (NASDAQ: MCHP) has announced financial results for the fourth quarter of 2023, reporting a 21% growth in net sales.

Net income for the fourth quarter increased to $604 million, or $1.09 per share from $437.9 million, or $0.77 per share in the corresponding period of last year. Adjusted earnings, excluding special items, climbed 21% annually to $1.64 per share.

At $2.23 billion, fourth-quarter net sales were up 21% year-over-year. The company declared a record quarterly cash dividend of 38.3 cents per share, up 38.8% from the year-ago quarter.

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