Microchip Technology (MCHP) Tops Q1 EPS by 8c, Beats on Revenues

Microchip Technology (NASDAQ: MCHP) reported Q1 EPS of $1.31, $0.08 better than the analyst estimate of $1.23. Revenue for the quarter came in at $972.1 million versus the consensus estimate of $947.48 million.

For the quarter ended June 30, 2017

• Record GAAP net sales of $972.1 million, up 7.7% sequentially and up 21.6% from the year ago quarter.
• Record Non-GAAP net sales of $972.1 million, up 7.7% sequentially and up 15.2% from the year ago quarter. Our updated guidance provided on June 5, 2017 was net sales of $943.3 million to $956.8 million.
• On a GAAP basis: gross margins of 60.1%; record operating income of $221.6 million; record net income of $170.6 million; and record EPS of 70 cents per diluted share. Our updated guidance provided on June 5, 2017 was EPS of 62 to 64 cents per diluted share.
• On a Non-GAAP basis: gross margins of 60.4%; record operating income of $364.3 million; record net income of $319.1 million and record EPS of $1.31 per diluted share, up 12.9% sequentially and up 56.0% from the year ago quarter. Our updated guidance provided on June 5, 2017 was EPS of $1.22 to $1.26 per diluted share.
• Record cash flow from operations of $345.0 million.
• Record quarterly dividend declared of 36.2 cents per share.

For earnings history and earnings-related data on Microchip Technology (MCHP) click here.

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