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.