Microchip Technology Inc. (NASDAQ: MCHP) has announced financial results for the third quarter of 2023, reporting higher net sales and net income.
Net income for the third quarter increased to $580.3 million, or $1.04 per share from $352.8 million, or $0.62 per share in the corresponding period of last year. Adjusted earnings, excluding special items, climbed 30% annually to $1.56 per share.
At $2.17 billion, third-quarter net sales were up 23% year-over-year. The company also declared a record quarterly cash dividend of 35.8 cents per share, up 9.1% from the cash dividend paid last quarter and up 41.5% from the year-ago quarter.