Microchip Technology Announces Financial Results for Third Quarter Fiscal Year 2014

  • Net sales of $482.4 million, down 2.1% sequentially and up 15.9% from net sales in the year ago quarter.
  • On a non-GAAP basis: gross margins of 59.0%; operating income of $153.8 million; net income of $132.9 million; and EPS of 61 cents per diluted share. The First Call published estimate for non-GAAP diluted EPS was 60 cents.
  • On a GAAP basis: gross margins of 58.6%; operating income of $116.9 million; net income of $105.4 million; and EPS of 48 cents per diluted share. There was no published First Call estimate for GAAP EPS.
  • Record net sales of analog products of $108.9 million.

CHANDLER, Ariz. — (BUSINESS WIRE) — January 30, 2014 — Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, today reported results for the three months ended December 31, 2013 as summarized in the following table:

   
(in millions, except earnings per diluted share and percentages)     Three Months Ended December 31, 2013
      GAAP1    

% of Net
Sales

   

Non-
GAAP1

   

% of Net
Sales

Net Sales     $482.4           $482.4      
Gross Margin     $282.7     58.6%     $284.6     59.0%
Operating Income     $116.9     24.2%     $153.8     31.9%

Other Expense (including Gains/Losses on Equity Method Investments)

    $4.3           $4.5      
Income Tax Expense     $7.2           $16.4      
Net Income     $105.4     21.9%     $132.9     27.5%
Earnings per Diluted Share     48 cents           61 cents      

1 See the “Use of Non-GAAP Financial Measures” section of this release.

 

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