- 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:
| Three Months Ended September 30, 2020(1) | ||||||
| Net sales | $1,309.5 | |||||
| GAAP | % | Non-GAAP(2) | % | |||
| Gross margin | $807.9 | 61.7% | $813.9 | 62.2% | ||
| Operating income | $226.2 | 17.3% | $513.8 | 39.2% | ||
| Other expense | $(137.4) | $(75.5) | ||||
| Income tax provision | $15.2 | $21.9 | ||||
| Net income | $73.6 | 5.6% | $416.4 | 31.8% | ||
| Net income per diluted share | $0.27 | $1.56 | ||||
