Microchip Technology reported 42.2% annual sales growth for its fiscal second quarter and forecast December-quarter revenue at a midpoint it said would exceed its usual seasonal pattern.
The sales figure covers the three months ended Sept. 30. Microchip included its financial results in an earnings release attached as Exhibit 99.1 to a Form 8-K filed with the Securities and Exchange Commission (SEC) on Thursday, Nov. 5. The SEC index records 15 documents in the submission, including the 8-K and Exhibit 99.1. It lists Item 2.02, results of operations and financial condition, and Item 9.01, financial statements and exhibits.
GAAP net income attributable to common stockholders was $373.6 million, or $0.68 per diluted share, compared with $13.9 million, or $0.03 per diluted share, a year earlier. On a non-GAAP basis, net income reached $559.2 million, or $0.97 per diluted share, up from $199.1 million, or $0.35 per diluted share, in the year-ago quarter.
Microchip President and Chief Executive Officer Steve Sanghi cited industrial and data center applications as growth drivers across the company's markets. The company also said it returned about $247.6 million to common stockholders through dividends.
For its fiscal third quarter ending in December, Microchip projected net sales of $1.573 billion to $1.638 billion. The range represents sequential revenue movement from a 3% decline to a 1% increase, with the midpoint 1% below the September quarter.
The company said about $53 million in September-quarter revenue from infrequent items would not recur in December. Microchip said December-quarter sales typically decline 3% to 5% sequentially; it put the current guidance midpoint 5% to 7% ahead of that seasonal pattern.
