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Net sales of $1.338 billion, up 1.1% sequentially and down 6.6% from the year ago quarter. The midpoint of our guidance initially provided on August 6, 2019 was net sales of $1.349 billion.
- On a GAAP basis: gross margin of 61.9%; operating income of $183.6 million; net income of $108.9 million; and EPS of $0.43 per diluted share. Our guidance initially provided on August 6, 2019 was GAAP EPS of $0.13 to $0.23 per diluted share.
- On a Non-GAAP basis: gross margin of 62.2%; operating income of $490.8 million and 36.7% of net sales; net income of $365.7 million and EPS of $1.43 per diluted share. Our guidance initially provided on August 6, 2019 was Non-GAAP EPS of $1.37 to $1.49 per diluted share.
- End-market demand of $1.346 billion was $8.6 million higher than net sales.
- Cash flow from operations of $396.0 million.
- Paid down $315.5 million of debt in the September 2019 quarter. Cumulatively paid down $1.729 billion of debt over the last five quarters.
- Record quarterly dividend declared of 36.65 cents per share.
CHANDLER, Ariz., Nov. 05, 2019 (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, 2019 as summarized in the following table:
| (in millions, except per share amounts and percentages) | Three Months Ended September 30, 2019 | |||||||||
| Net sales | $ | 1,337.8 | ||||||||
| GAAP | % of Net Sales | Non-GAAP1 | % of Net Sales | |||||||
| Gross margin | $ | 827.5 | 61.9 | % | $ | 832.7 | 62.2 | % | ||
| Operating income | $ | 183.6 | 13.7 | % | $ | 490.8 | 36.7 | % | ||
| Other expense | $ | (130.1 | ) | $ | (99.7 | ) | ||||
| Income tax (benefit) provision | $ | (55.4 | ) | $ | 25.4 | |||||
| Net income | $ | 108.9 | 8.1 | % | $ | 365.7 | 27.3 | % | ||
| Net income per diluted share | $ | 0.43 | $ | 1.43 | ||||||
