04:46 PM EDT, 08/01/2024 (MT Newswires) -- Microchip Technology ( MCHP ) reported fiscal Q1 non-GAAP earnings late Thursday of $0.53 per diluted share, down from $1.64 a year earlier.

Analysts polled by Capital IQ expected $0.52.

Net sales for the quarter ended June 30 were $1.24 billion, down from $2.29 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.24 billion.

The company said it expects fiscal Q2 non-GAAP EPS between $0.40 and $0.46 and net sales between $1.12 billion and $1.18 billion. Analysts polled by Capital IQ expect adjusted EPS of $0.59 on revenue of $1.31 billion.

The company said its board set a quarterly dividend of $0.454 per share, up from $0.452 in the prior quarter, payable Sept. 5 to stockholders of record on Aug. 22.

The company's shares were down 4.5% in recent after-hours trading.

Price: 80.60, Change: -3.77, Percent Change: -4.47