MCHP - Microchip Technology Increases Quarterly Cash Dividend 18.0% Year-Over-Year to 45.2 Cents Per Share | Benzinga
CHANDLER, Ariz., May 06, 2024 (GLOBE NEWSWIRE) -- (NASDAQ:MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors declared a quarterly cash dividend on its common stock of 45.2 cents per share. The dividend is payable on June 5, 2024, to stockholders of record on May 22, 2024. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 81 times since its inception.
"Microchip's financial performance in the March 2024 quarter met our expectations as customers continued to carefully manage their inventory levels in response to evolving demand dynamics," said Steve Sanghi, Executive Chair. "Today, our Board of Directors approved a year-over-year increase in our dividend of 18.0% to 45.2 cents per share, up from our May 2023 dividend of 38.3 cents per share. This represents 87 consecutive quarters of dividend payments for Microchip and reflects confidence in the cash-generating capability of our business, as well as our ongoing commitment to returning capital to our stockholders through dividends and our share repurchase program. Despite the current market dynamics, we remain committed to return 100% of our adjusted free cash flow to shareholders by the March 2025 quarter."
Cautionary Statement:
The statements contained in this release relating to our confidence in the cash-generating capability of our business and our ongoing commitment to returning capital to our stockholders and remaining committed to return 100% of our adjusted free cash flow to shareholders by the March 2025 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China) ...