Microchip Technology Announces Financial Results for First Quarter of Fiscal Year 2021

  • Net sales of $1.310 billion, down 1.3% sequentially and down 1.0% from the year ago quarter. Our updated guidance provided on June 2, 2020 was for net sales to be between flat and down 6% sequentially with a mid-point of down 3.0%.
  • On a GAAP basis: gross margin of 61.0%; operating income of $218.3 million; net income of $123.6 million; and EPS of $0.48 per diluted share. Our updated guidance provided on June 2, 2020 was for GAAP EPS of $0.25 to $0.39 per diluted share.
  • On a Non-GAAP basis: gross margin of 61.7%; operating income of $505.2 million and 38.6% of net sales; net income of $401.9 million and EPS of $1.56 per diluted share. Our updated guidance provided on June 2, 2020 was for Non-GAAP EPS of $1.35 to $1.53 per diluted share.
  • Cash flow from operations of $501.8 million.
  • Paid down $394.0 million of debt in the June 2020 quarter. Cumulatively paid down $2.62 billion of debt over the last eight quarters.
  • Record quarterly dividend declared of 36.80 cents per share.

CHANDLER, Ariz., Aug. 04, 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 ended June 30, 2020 as summarized in the following table:

  Three Months Ended June 30, 2020(1)
Net sales$1,309.7   
 GAAP%Non-GAAP(2)
%
Gross margin$798.361.0%$807.561.7%
Operating income$218.316.7%$505.238.6%
Other expense$(128.8) $(77.6) 
Income tax (benefit) provision$(34.1) $25.7 
Net income$123.69.4%$401.930.7%
Net income per diluted share $0.48   $1.56  

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