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Microchip Reports 9th Consecutive Quarter of Revenue Growth, Record Operating Profit, Net Income!

Update time : 2023-02-06 09:21:56

Microchip, a supplier of microcontrollers (MCUs), announced its financial results for the third quarter of fiscal year 2023 (ended December 31, 2022) after the market hours on Thursday (February 2) in the United States. Revenue for the quarter rose 23.4 percent year-over-year (4.6 percent quarter-over-quarter) to $2.169 billion, a new record high, and non-GAAP diluted earnings per share (EPS) rose 30 percent year-over-year to $1.56, a new record high.
Microchip, a supplier of microcontrollers (MCUs), announced after-hours results on Thursday (Feb. 2) for its fiscal third quarter of 2023 (ended Dec. 31, 2022).

Revenue for the quarter increased 23.4% year-over-year (4.6% quarter-over-quarter) to US$2,169 million, a new record high and better than the mid-point of the earnings estimate (US$2,156 million) released on November 3 last year; non-GAAP diluted earnings per share (EPS) increased 30% year-over-year to US$1.56, a new record high and better than the mid-point of the earnings estimate (US$1.56 million) released on November 3 last year. This was better than the midpoint of the earnings estimate ($1.55) released on November 3 last year.
According to Yahoo Finance, analysts were expecting Microchip to report revenue of US$2.15 billion and non-GAAP diluted earnings per share of US$1.55 for the third quarter. Clearly, Microchip exceeded analysts' expectations, with Microchip's fiscal Q3 2023 GAAP gross margin at 67.8% and non-GAAP gross margin at an all-time high of 68.1%.
From a revenue perspective, 56% of Microchip's revenue in the third quarter was generated from MCUs, down from 57% in the second quarter, while analog ICs remained flat at 28%. From a regional perspective, 54% of Microchip's revenue in the third quarter came from Asia, up from 26% in the Americas.
Microchip estimates revenue for the fourth quarter of fiscal 2023 (January-March 2023) to be in the range of US$2,191-2,256 million (mid-range US$2,223.5 million, or 20.6% YoY or 2.5% QoQ) and non-GAAP diluted earnings per share to be in the range of US$1.61-1.63 (mid-range US$1.62, or 20% YoY). Non-GAAP gross margin is expected to be in the range of 68.1-68.3%.
Analysts expect Microchip to report fourth quarter revenue of $2.19 billion and non-GAAP diluted earnings per share of $1.58.
Microchip noted that its fiscal fourth quarter inventory days are estimated to be between 157-164 days, up from 152 days of inventory at the end of the third quarter.
Microchip CEO Ganesh Moorthy noted that Microchip's revenue grew for the ninth consecutive quarter, and operating profit and net income reached new highs. Moorthy also mentioned that the 2022 zero-out policy for new crowns in mainland China and the subsequent rapid unblocking has led to higher than normal inventory levels at the channel end and with customers.

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