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 | $813.9 | 61.4% | $822.3 | 62.0% | $3,242.1 | 61.5% | $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 | ||||||||||||||||
