Microchip Technology Announces Financial Results for Fourth

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 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

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