The following is a summary of the Microchip Technology Incorporated. (MCHP) Q4 2024 Earnings Call Transcript:

Financial Performance:

• Microchip Technology reported Q4 net sales of $1.326 billion, a decrease of 24.9% sequentially, and fiscal year 2024 sales of $7.634 billion, down 9.5% from the previous year.

• Non-GAAP gross margins and net income for Q4 were 60.3% and $310.3 million respectively, and for the fiscal year were 65.8% and $2.698 billion.

• Earnings per Fully Diluted share for Q4 was $0.57, with fiscal year earnings at $4.92.

• The company ended the fiscal year with a cash and total investment position of $319.7 million.

• Despite weakening performance in various end markets impacting revenue figures, the company's cost structures are in good shape and average selling prices are maintaining levels.

Business Progress:

• In terms of product performance, mixed-signal microcontroller net sales were down 10.2% and analog net sales were down 15.2% in fiscal year 2024. However, the FPGA product line set a record with revenue exceeding $679 million.

• The company had significant acquisitions including Seoul Korea-based VSI and Neuronix AI Labs to extend their market leadership and expand capabilities in AI-enabled edge solutions.

• Microchip is gearing up for the entry into the 64-bit embedded microprocessor market in July.

• Recovery or growth signs, termed as 'green shoots', are emerging from diverse markets, indicating a positive business trajectory in the upcoming periods.

• The company intends to stay competitive with a strategic approach combining new products with competitive pricing, aiming to drive future growth.

More details: Microchip Technology IR

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