Microchip expects it will have supply chain constraints throughout 2023. phoenix
“Our laser focus on organic growth through total system solutions and higher growth mega trends for multiple years is giving us increased design momentum, farther share gains and a result in revenue tailwind," Ganesh Moorthy, Microchip’s president and CEO, said in an earnings call on Thursday.
Microchip expects it will have supply chain constraints throughout 2023, however, the company is attempting to reduce average lead times to fewer than 26 weeks by the second half of the year, Moorthy said in the earnings call. Microchip has paid off more than $6.2 billion of an $8 billion debt incurred from acquiring California-based Microsemi in 2018. It will continue to allocate its excess cash aside from dividends and stock buyback toward the debt, according to the company’s third fiscal quarter earnings report.
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