Microchip Technology Inc - MCHP STOCK NEWS

Microchip Technology has launched the PDS-204GCO outdoor PoE switch, enhancing capabilities for smart buildings and cities. This next-generation switch improves cybersecurity and network redundancy, essential for mission-critical applications needing reliable data transmission over long distances. Featuring four PoE Gigabit Ethernet ports and two fiber links, it supports the IEEE 802.3bt standard and offers various network topologies. The PDS-204GCO is available at a unit price of $1,397.

Microchip Technology will invest $880 million to expand silicon carbide (SiC) and silicon (Si) production at its Colorado Springs facility in response to increasing semiconductor demand.

The 50-acre, 580,000-square-foot campus will see improvements aimed at enhancing SiC manufacturing for automotive, green energy, and aerospace sectors.

Supported by $47 million in state and local incentives, this expansion is projected to generate $1.4 billion for the local economy and create 400 new jobs.

Microchip Technology has declared a quarterly cash dividend of 35.8 cents per share, reflecting a 41.5% increase from last year's 25.3 cents. This dividend will be paid on March 7, 2023, to stockholders of record as of February 21, 2023. With this declaration, Microchip marks 82 consecutive quarters of dividend payments, showcasing its strong cash generation and significant debt reduction. The company's financial performance in December 2022 was notably strong, reinforcing confidence in its ability to return capital to shareholders.

Microchip Technology reported record net sales of $2.169 billion for the third quarter of fiscal 2023, representing a 23.4% year-over-year increase. GAAP net income reached $580.3 million ($1.04 per diluted share), up from $352.8 million ($0.62) a year ago. Non-GAAP net income also hit records at $863.7 million ($1.56 per diluted share). The company paid down $719.1 million of debt, totaling $6.2 billion over 18 quarters. A quarterly dividend of 35.8 cents per share was declared, marking a 41.5% year-over-year increase. Looking ahead, Microchip expects sequential growth of 1% to 4% in the March quarter.

Microchip Technology has introduced a new hybrid power drive module designed for More Electric Aircraft (MEA). This integrated power solution can be customized with silicon carbide or silicon, providing a compact, lightweight design that simplifies flight control systems. The module features a three-bridge topology, high reliability, and is capable of high-switching frequency power generation, significantly reducing size and weight. It supports voltage customization up to 1700V. Microchip aims to assist customers in creating efficient aviation systems, enhancing product support with detailed specifications and engineering assistance.

Microchip Technology Inc. has launched its first commercial-off-the-shelf (COTS) radiation-tolerant power management device, the MIC69303RT 3A Low-Dropout Voltage Regulator. This device is designed for low-Earth orbit (LEO) and other space applications, ensuring reliable operation under harsh conditions. It operates on a low-voltage supply, offering output voltages as low as 0.5V and dropout voltages of 500 mV. The MIC69303RT is compatible with Microchip’s space-qualified microcontrollers and is built to withstand temperatures from -55°C to +125°C. For evaluation, a plastic MIC69303RT evaluation board is available for performance testing.

Microchip Technology (NASDAQ: MCHP) announced the appointment of Robert Rango to its Board of Directors, effective January 3, 2023. Rango, who has over 40 years of industry experience, previously served as CEO of Enevate Corporation and held significant roles at Broadcom and other semiconductor firms. Microchip's Executive Chair, Steve Sanghi, praised Rango's experience in operations and risk management. Rango expressed enthusiasm for joining the board, citing Microchip's leadership and potential for growth and shareholder value creation.

Microchip Technology announced it will present at the Raymond James Technology Investor Conference on December 6, 2022, at 8:35 a.m. ET. The presentation will feature Senior Vice President and CFO Eric Bjornholt and Head of Investor Relations Sajid Daudi. A live webcast will be accessible on the company website. Microchip is a leader in providing secure embedded control solutions, serving over 125,000 customers across various sectors, including industrial and automotive markets. For more details, visit www.microchip.com.

Microchip Technology will present at the UBS Annual Global TMT Conference on December 5, 2022, at 10:00 a.m. Eastern Time. The presentation will feature Eric Bjornholt, Senior VP and CFO, and Sajid Daudi, Head of Investor Relations. A live webcast will be available on the Microchip website. The company emphasizes its leadership in embedded control solutions, serving over 125,000 customers across various sectors. Forward-looking statements are subject to the risks discussed in SEC filings, accessible via the SEC website.