Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2019

  • For the quarter ended March 31, 2019
    • Net sales of $1.330 billion, down 3.3% sequentially and up 32.7% from the year ago quarter.  The midpoint of our guidance provided on March 5, 2019 was net sales of $1.327 billion.
    • On a GAAP basis:  gross margin of 61.7%; operating income of $284.6 million; net income of $174.7 million; and EPS of $0.70 per diluted share.  Our guidance provided on March 5, 2019 was GAAP EPS of $0.21 to $0.38 per diluted share.
    • On a Non-GAAP basis:  gross margin of 62.2%; operating income of $484.1 million and 36.4% of net sales; net income of $370.4 million and EPS of $1.48 per diluted share, up 5.7% from the year ago quarter.  Our guidance provided on March 5, 2019 was Non-GAAP EPS of $1.30 to $1.49 per diluted share.
    • End-market demand of $1.340 billion.
    • Paid down $277.5 million of debt in the March 2019 quarter.  Cumulatively paid down $1.156 billion of debt over the last three quarters.
    • Record quarterly dividend declared of 36.55 cents per share.
  • For Fiscal Year 2019
    • Record GAAP net sales of $5.350 billion.
    • Record Non-GAAP net sales of $5.476 billion.
    • On a GAAP basis:  gross margins of 54.8%; record operating income of $714.3 million; net income of $355.9 million, adversely impacted by purchase accounting adjustments associated with our acquisitions; and EPS of $1.42 per diluted share.
    • On a Non-GAAP basis:  record gross margins of 62.1%; record operating income of $2.067 billion; record net income of $1.636 billion and record EPS of $6.55 per diluted share.
    • End-market demand of $5.486 billion.

CHANDLER, Ariz., May 07, 2019 (GLOBE NEWSWIRE) -- Microchip Technology Incorporated, a leading semiconductor supplier of smart, connected and secure embedded control solutions, today reported results for the three months and fiscal year ended March 31, 2019 as summarized in the following table:

(in millions, except per share amounts and percentages) Three Months Ended March 31, 2019 Year Ended March 31, 2019
  GAAP % of Net Sales Non-GAAP1 % of Net Sales GAAP % of Net Sales Non-GAAP1 % of Net Sales
Net sales$1,329.8  $1,329.8  $5,349.5  $5,475.8  
Gross margin$820.5 61.7%$826.9 62.2%$2,931.3 54.8%$3,398.5 62.1%
Operating income$284.6 21.4%$484.1 36.4%$714.3 13.4%$2,066.8 37.7%
Other expense$(133.4) $(108.6) $(509.8) $(379.4) 
Income tax provision (benefit)$(23.5) $5.1  $(151.4) $51.1  
Net income$174.7 13.1%$370.4   27.9 % $ 355.9   6.7 % $ 1,636.3   29.9 %
Net income per diluted share $ 0.70     $ 1.48     $ 1.42     $ 6.55    

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