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

  • Net sales of $1.338 billion, up 1.1% sequentially and down 6.6% from the year ago quarter.  The midpoint of our guidance initially provided on August 6, 2019 was net sales of $1.349 billion.
  • On a GAAP basis:  gross margin of 61.9%; operating income of $183.6 million; net income of $108.9 million; and EPS of $0.43 per diluted share.  Our guidance initially provided on August 6, 2019 was GAAP EPS of $0.13 to $0.23 per diluted share.
  • On a Non-GAAP basis:  gross margin of 62.2%; operating income of $490.8 million and 36.7% of net sales; net income of $365.7 million and EPS of $1.43 per diluted share.  Our guidance initially provided on August 6, 2019 was Non-GAAP EPS of $1.37 to $1.49 per diluted share.
  • End-market demand of $1.346 billion was $8.6 million higher than net sales.
  • Cash flow from operations of $396.0 million.
  • Paid down $315.5 million of debt in the September 2019 quarter.  Cumulatively paid down $1.729 billion of debt over the last five quarters.
  • Record quarterly dividend declared of 36.65 cents per share.

CHANDLER, Ariz., Nov. 05, 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 September 30, 2019 as summarized in the following table:       

(in millions, except per share amounts and percentages) Three Months Ended September 30, 2019
Net sales$1,337.8    
 GAAP% of Net SalesNon-GAAP1% of Net Sales
Gross margin$827.5 61.9%$832.7 62.2%
Operating income$183.6 13.7%$490.8 36.7%
Other expense$(130.1) $(99.7) 
Income tax (benefit) provision$(55.4)   $ 25.4    
Net income $ 108.9   8.1 % $ 365.7   27.3 %
Net income per diluted share $ 0.43     $ 1.43    
                 

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