Microchip Technology Announces Record Financial Results for Fourth Quarter and Fiscal Year 2021

For the quarter ended March 31, 2021

  • Record net sales of $1.467 billion, up 8.5% sequentially and up 10.6% from the year ago quarter. The midpoint of our guidance provided on February 4, 2021 was net sales of $1.454 billion.
  • On a GAAP basis: record gross margin of 63.2%; operating income of $308.0 million; net income of $116.0 million; and EPS of $0.41 per diluted share. Our guidance provided on February 4, 2021 was for GAAP EPS of $0.52 to $0.58 per diluted share. Our guidance did not include the $85.6 million loss on debt settlement associated with our debt refinancing activities.
  • On a Non-GAAP basis: record gross margin of 64.1%; record operating income of $596.9 million and a record 40.7% of net sales; record net income of $521.4 million and record EPS of $1.85 per diluted share. Our guidance provided on February 4, 2021 was for Non-GAAP EPS of $1.67 to $1.79 per diluted share.
  • Record microcontroller revenue.
  • Record EBITDA of $652.3 million.
  • Cash flow from operations of $449.2 million.
  • Paid down $369.2 million of debt in the March 2021 quarter. Cumulatively paid down $3.61 billion of debt over the last 11 quarters.
  • Record quarterly dividend declared of 41.3 cents per share, an increase of 5.9% from the prior quarter.

For fiscal year 2021

  • Record net sales of $5.438 billion.
  • On a GAAP basis: record gross margins of 62.1%; record operating income of $998.1 million; net income of $349.4 million, adversely impacted by purchase accounting adjustments associated with our acquisitions and a $299.6 million loss on debt settlement associated with our debt refinancing activities; and EPS of $1.29 per diluted share.
  • On a Non-GAAP basis: record gross margins of 62.8%; record operating income of $2.15 billion and a record 39.6%; record net income of $1.78 billion and record EPS of $6.59 per diluted share.
  • Record microcontroller revenue.
  • Record EBITDA of $2.375 billion.

CHANDLER, Ariz., May 06, 2021 (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, 2021 as summarized in the following table:

  Three Months Ended March 31, 2021 (1) Twelve Months Ended March 31, 2021 (1)
Net sales$1,467.1   $5,438.4   
  GAAP % Non-GAAP ( 2) % GAAP % Non-GAAP ( 2) %
Gross margin$926.863.2%$940.464.1%$3,378.8 62.1% $3,414.0 62.8%
Operating income $308.0 21.0% $596.9 40.7% $998.1 18.4% $2,154.0 39.6%
Other expense $(163.6)   $(66.0)   $(658.6)   $(292.6)  
Income tax provision (benefit) $28.4   $9.5   $(9.9)   $76.8  
Net income $116.0 7.9% $521.4 35.5% $349.4 6.4% $1,784.6 32.8%
Net income per diluted share $0.41   $1.85   $1.29   $6.59  

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