Press release
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
About this update from Microchip Technology Incorporated
[{"type":"text","content":"For the quarter ended March 31, 2020\n 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%$3,266.361.9%Operating income$160.712.1%$485.736.6%$647.112.3%$1,907.136.2%Other expense$(114.9) $(82.0) $(496.7) $(371.3) Income tax (benefit) provision$(54.1) $28.2 $(420.2) $96.2 Net income$99.97.5%$375.528.3%$570.610.8%$1,439.627.3%Net income per diluted share$0.39 $1.46 $2.23 $5.62 (1) In millions, except...