Microchip Technology Announces Financial Results for Fourth Quarter and Fiscal Year 2020

For the quarter ended March 31, 2020

  • Net sales of $1.326 billion, up 3.0% sequentially and down 0.3% from the year ago quarter.  Our updated guidance provided on March 2, 2020 was for net sales to be about flat sequentially.
  • On a GAAP basis:  gross margin of 61.4%; operating income of $160.7 million; net income of $99.9 million; and EPS of $0.39 per diluted share.  Microchip withdrew its March 2020 quarterly earnings per share guidance when it provided its net sales guidance update on March 2, 2020.
  • On a Non-GAAP basis:  gross margin of 62.0%; operating income of $485.7 million and 36.6% of net sales; net income of $375.5 million and EPS of $1.46 per diluted share.  Microchip withdrew its March 2020 quarterly earnings per share guidance when it provided its net sales guidance update on March 2, 2020.
  • End-market demand of $1.323 billion was $3.8 million lower than net sales.
  • Cash flow from operations of $371.7 million.
  • Paid down $236.0 million of debt in the March 2020 quarter.  Cumulatively paid down $2.222 billion of debt over the last seven quarters.
  • Record quarterly dividend declared of 36.75 cents per share.

For fiscal year 2020

  • Net sales of $5.274 billion.
  • On a GAAP basis:  gross margins of 61.5%; operating income of $647.1 million; net income of $570.6 million, adversely impacted by purchase accounting adjustments associated with our acquisitions; and EPS of $2.23 per diluted share.
  • On a Non-GAAP basis:  record gross margins of 61.9%; operating income of $1.907 billion; net income of $1.440 billion and EPS of $5.62 per diluted share.
  • End-market demand of $5.342 billion.

CHANDLER, Ariz., May 07, 2020 (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 and fiscal year ended March 31, 2020 as summarized in the following table:

  Three Months Ended March 31, 2020(1) Year Ended March 31, 2020(1)
Net sales$1,326.4   $5,274.2   
 GAAP%Non-
GAAP(2)
%GAAP%Non-
GAAP(2)
%
Gross margin$813.961.4%$822.362.0%$3,242.161.5%$3,266.3 61.9%
Operating income $160.7 12.1% $485.7 36.6% $647.1 12.3% $1,907.1 36.2%
Other expense $(114.9)   $(82.0)   $(496.7)   $(371.3)  
Income tax (benefit) provision $(54.1)   $28.2   $(420.2)   $96.2  
Net income $99.9 7.5% $375.5 28.3% $570.6 10.8% $1,439.6 27.3%
Net income per diluted share $0.39   $1.46   $2.23   $5.62  

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