Microchip Technology Inc. Stock Price, News & Analysis

Microchip Technology (NASDAQ: MCHP) announced that it will present at the BMO 2021 Technology Summit on August 25, 2021, at 9:00 a.m. Pacific Time. The presentation will feature Mr. Ganesh Moorthy, President and CEO, along with Mr. Eric Bjornholt, CFO. A live webcast will be available on Microchip's website. The company, known for its smart, connected, and secure embedded control solutions, serves over 120,000 customers across various industries. For more details, visit www.microchip.com.

Microchip Technology announced its presentation at the BMO 2021 Technology Summit on August 25, 2021, at 9:00 a.m. (ET). President and CEO Ganesh Moorthy and CFO Eric Bjornholt will represent the company. A live webcast will be available on the Microchip website. Investors are reminded that forward-looking statements are subject to risks outlined in the company's SEC filings, accessible at the SEC website. Based in Chandler, Arizona, Microchip provides embedded control solutions to over 120,000 customers across various markets.

Microchip Technology will host its Annual Shareholders’ Meeting on August 24, 2021, at 9:00 a.m. PT. The event will be accessible via webcast on their website, www.microchip.com, with a replay available for 14 days. The meeting will focus solely on official business and will not include an investor presentation. Attendees in person must wear masks and follow social distancing guidelines, regardless of vaccination status. Relevant COVID-19 health questions will be required before entry. Forward-looking statements will reference risks disclosed in SEC filings, accessible via the SEC's website.

Microchip Technology announced exchange agreements for its Convertible Senior Subordinated Notes, involving approximately 2.7 million shares of common stock and $266 million in cash. This exchange is for $70.4 million of 2025 Notes, $100.7 million of 2027 Notes, and $92.5 million of 2037 Notes. The actual cash and stock amounts may vary based on stock price fluctuations. The exchanges are set to close around August 17, 2021, and will be funded through borrowings and existing cash. The shares will be issued under the Securities Act exemption.

Microchip Technology introduces new low-density PolarFire FPGAs and SoCs, cutting static power consumption by up to 50%, establishing them as the most power-efficient devices in their class. These innovations eliminate the need for additional thermal management while providing high performance. The new devices are ideal for applications demanding low-power, compact solutions such as automotive, industrial, and IoT systems. Volume shipments are anticipated in the first quarter of 2022, enhancing Microchip's offerings in the embedded control solutions market.

Microchip Technology announced its participation at the J.P. Morgan Auto Conference on August 11, 2021, at 4:50 p.m. Eastern Time. The presentation will be led by President and CEO Ganesh Moorthy and CFO Eric Bjornholt. A live webcast will be available on the Microchip website. The company is known for providing smart, connected, and secure embedded control solutions to over 120,000 customers across various industries, including automotive and aerospace. For more information, visit www.microchip.com.

Microchip Technology, a leader in embedded control solutions, will present at KeyBanc Capital Markets' 22nd Annual Global Tech Leadership Forum on August 10, 2021, at 12:40 p.m. ET. The presentation, led by CFO Eric Bjornholt, will be available via live webcast on the Microchip website. The company emphasizes a commitment to reducing risk and lowering costs for over 120,000 customers across various industries, including automotive and aerospace. For further details, visit www.microchip.com.

Microchip Technology reported record net sales of $1.569 billion, increasing 19.8% year-over-year and 7.0% sequentially. The company achieved a record GAAP gross margin of 64.2% with operating income of $368.8 million, and net income of $252.8 million or $0.89 per diluted share. Non-GAAP earnings were also strong, with a record EPS of $1.98. Debt reduction continued with $388 million paid down this quarter, totaling $3.99 billion over the last 12 quarters. A quarterly dividend of 43.7 cents per share was declared, marking an 18.75% increase year-over-year.

Microchip Technology has declared a quarterly cash dividend of 43.7 cents per share, effective September 3, 2021, for stockholders of record on August 20, 2021. This marks an increase of 5.8% sequentially and 18.75% year-over-year. The announcement reflects Microchip's solid financial performance in the June 2021 quarter, characterized by substantial cash generation and debt reduction. The company has increased its dividend 68 times since initiating payments in 2003, underscoring its ongoing commitment to returning capital to stockholders.