Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2021

  • Net sales of $1.35 billion, up 3.3% sequentially and up 5.0% from the year ago quarter. The midpoint of our guidance provided on November 5, 2020 was net sales of $1.34 billion.
  • On a GAAP basis: record gross margin of 62.6%; operating income of $245.6 million; net income of $36.2 million; and EPS of $0.13 per diluted share. Our guidance provided on November 5, 2020 was for GAAP EPS of $0.38 to $0.45 per diluted share. Our guidance did not include the $142.1 million loss on debt settlement associated with our debt refinancing activities.
  • On a Non-GAAP basis: record gross margin of 63.0%; operating income of $538.1 million and a record 39.8% of net sales; net income of $444.9 million and EPS of $1.62 per diluted share. Our guidance provided on November 5, 2020 was for Non-GAAP EPS of $1.51 to $1.63 per diluted share.
  • Cash flow from operations of $509.7 million.
  • Paid down $289.7 million of debt in the December 2020 quarter. Cumulatively paid down $3.24 billion of debt over the last ten quarters.
  • Record quarterly dividend declared of 39 cents per share, an increase of 5.8% from the prior quarter.

CHANDLER, Ariz., Feb. 04, 2021 (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 December 31, 2020 as summarized in the following table:

  Three Months Ended December 31, 2020 (1)
Net sales$1,352.1   
  GAAP % Non-GAAP (2) %
Gross margin$845.862.6%$852.263.0%
Operating income$245.618.2%$538.139.8%
Other expense$(228.8) $(73.5) 
Income tax (benefit) provision$(19.4) $19.7 
Net income$36.22.7%$444.932.9%
Net income per diluted share $0.13   $1.62  

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