Microchip Technology (NASDAQ: MCHP) reported Q4 EPS of $1.16, $0.10 better than the analyst estimate of $1.06. Revenue for the quarter came in at $902.7 million versus the consensus estimate of $891.2 million.

• Record GAAP and Non-GAAP net sales of $902.7 million. Our updated guidance provided on February 28, 2017 was net sales of $876.8 million to $903.2 million.
• On a GAAP basis: gross margins of 59.0%; operating income of $154.1 million; net income from continuing operations of $136.9 million; and EPS from continuing operations of 57 cents per diluted share. Microchip did not provide updated GAAP guidance on February 28, 2017 due to its February 2017 financing activities and the related accounting impact not being available at that time.
• On a Non-GAAP basis: gross margins of 59.2%; record operating income of $321.2 million; record net income from continuing operations of $276.9 million and record EPS from continuing operations of $1.16 per diluted share. Our updated guidance provided on February 28, 2017 was EPS of $1.02 to $1.10 per share.
• Record cash flow from operations of $322.6 million.
• Record quarterly dividend declared of $0.3615 cents per share.

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