-
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 | $845.8 | 62.6% | $852.2 | 63.0% | ||
| Operating income | $245.6 | 18.2% | $538.1 | 39.8% | ||
| Other expense | $(228.8) | $(73.5) | ||||
| Income tax (benefit) provision | $(19.4) | $19.7 | ||||
| Net income | $36.2 | 2.7% | $444.9 | 32.9% | ||
| Net income per diluted share | $0.13 | $1.62 | ||||
