Microchip Technology Inc's shares fell by around 6% after the company reported Q1 FY24 results. The company's adjusted EPS was $1.64, in line with consensus, and sales were $2.29 billion, up 16.6% Y/Y. Adjusted gross profit rose to $1.57 billion from $1.32 billion a year ago, and operating cash flow stood at $993.2 million. The company returned around $349.2 million to shareholders through dividends and repurchases. The company's Board of Directors raised the quarterly dividend per share by 36.2% Y/Y to $0.41. For Q2 FY24, the company expects net sales of $2.220 billion-$2.312 billion and adjusted EPS of $1.60-$1.64.