Microchip Technology Increases Quarterly Cash Dividend 10.7% Year-Over-Year to 45.4 Cents Per Share

Core Viewpoint - Microchip Technology Incorporated announced a quarterly cash dividend of 45.4 cents per share, reflecting a year-over-year increase of 10.7% from the previous dividend of 41.0 cents per share, demonstrating the company's confidence in its cash-generating capabilities and commitment to returning capital to shareholders [2]. Group 1: Dividend Announcement - The Board of Directors declared a quarterly cash dividend of 45.4 cents per share, payable on September 5, 2024, to stockholders of record on August 22, 2024 [1]. - Microchip has increased its dividend 82 times since initiating quarterly cash dividend payments in the third quarter of fiscal year 2003 [1]. Group 2: Financial Performance - The financial performance for the June 2024 quarter met expectations, with customers managing inventory levels in response to changing demand dynamics [2]. - The company has maintained 88 consecutive quarters of dividend payments, indicating strong cash flow and operational stability [2]. Group 3: Commitment to Shareholders - Microchip remains committed to returning 100% of its adjusted free cash flow to shareholders by the March 2025 quarter, despite current market challenges [2]. - The company emphasizes its ongoing commitment to capital return through dividends and share repurchase programs [2]. Group 4: Company Overview - Microchip Technology Incorporated is a leading provider of smart, connected, and secure embedded control solutions, serving approximately 120,000 customers across various markets including industrial, automotive, consumer, aerospace, defense, communications, and computing [5]. - The company is headquartered in Chandler, Arizona, and offers comprehensive product portfolios and development tools to reduce risk and lower total system costs for its customers [5].