Microchip Technology Incorporated, MCHP, released its fourth-quarter earnings report on Monday. The company posted GAAP earnings of 57 cents per share, in line with analysts’ expectations. Sales were also on track at $1.33 billion.
Despite experiencing a significant inventory correction in fiscal 2024, which led to a decline in revenue, the company was able to achieve a non-GAAP operating margin of 43.9%. They remained committed to their capital return program, returning $1.89 billion through dividends and share buybacks during fiscal 2024.
Microchip Technology shares rose by 2.6% to close at $93.76 on Monday after the earnings announcement was made public. Analysts made changes to their price targets following the news release. Mizuho raised its price target to $85, Needham raised it to $100, Susquehanna raised it to $105, and Truist Securities raised it to $96. Each maintained their respective ratings – Neutral, Buy, Positive, and Buy.
The market news and data provided by Benzinga APIs were used for this article copyright © 2024 Benzinga.com