Microchip Technology Q4 Profit Rises

(RTTNews) - Microchip Technology Inc. (MCHP) reported that its GAAP net income for the fourth quarter of fiscal 2019 was $174.7 million, or $0.70 per share, up from $146.7 million or $0.58 per share, in the prior year's fourth fiscal quarter. The latest-quarter result was significantly adversely impacted by purchase accounting adjustments associated with acquisitions.

Non-GAAP net income for the fourth quarter was $370.4 million, or $1.48 per share, up from $351.3 million, or $1.40 per share in the previous year.

Net sales for the fourth quarter were $1.330 billion, up 32.7% from net sales of $1.002 billion in the prior year's fourth fiscal quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.40 per share and revenues of $1.33 billion. Analysts' estimates typically exclude special items.

For the first-quarter, the company expects earnings per share to be in the range of $0.07 to $0.27, non-GAAP earnings per share of $1.26 to $1.49, and net sales of $1.26 billion to $1.40 billion. Wall Street currently is looking for the first-quarter earnings of $1.54 per share on annual revenues of $1.39 billion.

Microchip announced that its board has declared a record quarterly cash dividend on its common stock of 36.55 cents per share. The quarterly dividend is payable on June 4, 2019 to stockholders of record on May 21, 2019.