Press release
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
About this update from Microchip Technology Incorporated
[{"type":"text","content":"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:\n 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 (1) In millions, except per share amounts and percentages of net sales.(2) See the \"Use of Non-GAAP Financial Measures\" section of this release. GAAP net sales for the first quarter of fiscal 2021 were $1.310 billion, down 1.0% from net sales of $1.323 billion in the prior year's first fiscal quarter. GAAP net income for the first quarter of fiscal 2021 was $123.6 million, or $0.48 per diluted share, up from GAAP net income of $50.7 million, or $0.20 per diluted share, in the prior year's first fiscal quarter. For the first quarters of fiscal 2021 and fiscal 2020, GAAP net income was significantly adversely impacted by purchase accounting adjustments associated with our acquisitions. Non-GAAP net income for the first quarter of fiscal 2021 was $401.9 million, or $1.56 per diluted share, up from non-GAAP ...