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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:
| Three Months Ended June 30, 2020(1) | ||||||||||
| Net sales | $1,309.7 | |||||||||
| GAAP | % | Non-GAAP(2)
| % | |||||||
| Gross margin | $798.3 | 61.0% | $807.5 | 61.7% | ||||||
| Operating income | $218.3 | 16.7% | $505.2 | 38.6% | ||||||
| Other expense | $(128.8) | $(77.6) | ||||||||
| Income tax (benefit) provision | $(34.1) | $25.7 | ||||||||
| Net income | $123.6 | 9.4% | $401.9 | 30.7% | ||||||
| Net income per diluted share | $0.48 | $1.56 | ||||||||
