Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2020

  • For the quarter ended June 30, 2019
    • Net sales of $1.323 billion, down 0.5% sequentially and up 9.1% from the year ago quarter.  The midpoint of our guidance provided on May 7, 2019 was net sales of $1.33 billion.
    • On a GAAP basis:  gross margin of 61.6%; operating income of $171.6 million; net income of $50.7 million; and EPS of $0.20 per diluted share.  Our guidance provided on May 7, 2019 was GAAP EPS of $0.07 to $0.27 per diluted share.
    • On a Non-GAAP basis:  gross margin of 62.0%; operating income of $478.5 million and 36.2% of net sales; net income of $357.6 million and EPS of $1.41 per diluted share.  Our guidance provided on May 7, 2019 was Non-GAAP EPS of $1.26 to $1.49 per diluted share.
    • End-market demand of $1.350 billion compared to end-market demand of $1.340 billion in the March quarter.
    • Paid down $257.5 million of debt in the June 2019 quarter.  Cumulatively paid down $1.414 billion of debt over the last four quarters.
    • Record quarterly dividend declared of 36.60 cents per share.

CHANDLER, Ariz., Aug. 06, 2019 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) - Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, today reported results for the three months ended June 30, 2019 as summarized in the following table:

(in millions, except per share amounts and percentages) Three Months Ended June 30, 2019
  GAAP % of
Net
Sales
Non-GAAP1 % of
Net
Sales
Net sales$1,322.6 $1,322.6 
Gross margin$815.261.6%$820.162.0%
Operating income$171.613.0%$478.536.2%
Other expense$(131.1) $(100.1) 
Income tax (benefit) provision$(10.2) $20.8 
Net income$50.73.8%$357.627.0%
Net income per diluted share$0.20 $1.41 

(1) See the "Use of Non-GAAP Financial Measures" section of this release.

GAAP and Non-GAAP net sales for the first quarter of fiscal 2020 were $1.323 billion, up 9.1% from net sales of $1.213 billion in the prior year's first fiscal quarter.

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