Press release
Microchip Technology Announces Financial Results for Second Quarter of Fiscal Year 2021
Net sales of $1.31 billion, about flat sequentially and down 2.1% from the year ago quarter. Our updated guidance provided on September 9, 2020 was for net
About this update from Microchip Technology Incorporated
[{"type":"text","content":"Net sales of $1.31 billion, about flat sequentially and down 2.1% from the year ago quarter. Our updated guidance provided on September 9, 2020 was for net sales to be down between 2% and 6% sequentially with an unchanged mid-point of down 4.0%.On a GAAP basis: gross margin of 61.7%; operating income of $226.2 million; net income of $73.6 million; and EPS of $0.27 per diluted share. Our updated guidance provided on September 9, 2020 was for GAAP EPS of $0.23 to $0.31 per diluted share. On a Non-GAAP basis: gross margin of 62.2%; operating income of $513.8 million and 39.2% of net sales; net income of $416.4 million and EPS of $1.56 per diluted share. Our updated guidance provided on September 9, 2020 was for Non-GAAP EPS of $1.36 to $1.46 per diluted share. Cash flow from operations of $455.8 million.Paid down $331.1 million of debt in the September 2020 quarter. Cumulatively paid down $2.95 billion of debt over the last nine quarters.Record quarterly dividend declared of 36.85 cents per share. CHANDLER, Ariz., Nov. 05, 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 September 30, 2020 as summarized in the following table:\n Three Months Ended September 30, 2020(1)Net sales$1,309.5 GAAP%Non-GAAP(2)%Gross margin$807.961.7%$813.962.2%Operating income$226.217.3%$513.839.2%Other expense$(137.4) $(75.5) Income tax provision$15.2 $21.9 Net income$73.65.6%$416.431.8%Net income per diluted share$0.27 $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 second quarter of fiscal 2021 were $1.31 billion, down 2.1% from net sales of $1.338 billion in the prior year's second fiscal quarter. GAAP net income for the second quarter of fiscal 2021 was $73.6 million, or $0.27 per diluted share, down from GAAP net income of $108.9 million, or $0.43 per diluted share, in the prior year's second fiscal quarter. For the second 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 second quarter of fiscal 2021 was $416.4 million, or $1.56 per...