Microchip Technology(MCHP) - 2024 Q4 - Annual Results

EXHIBIT 99.1 NEWS RELEASE INVESTOR RELATIONS CONTACT: Sajid Daudi -- Head of Investor Relations..... (480) 792-7385 MICROCHIP TECHNOLOGY ANNOUNCES FINANCIAL RESULTS FOR FOURTH QUARTER AND FISCAL YEAR 2024 For the quarter ended March 31, 2024 • Net sales of $1.326 billion, down 24.9% sequentially and down 40.6% from the year ago quarter. Our guidance provided on February 1, 2024 was for net sales to be down 25% sequentially. • On a GAAP basis: gross profit of 59.6%; operating income of$ 253.5 million and 19. ...