宣布关厂半年后，Microchip开始缓过来了

Core Viewpoint - Microchip reported a strong start to fiscal year 2026 with a sequential revenue increase of 10.8%, reaching approximately $1.0755 billion, although it experienced a year-over-year decline of 13.4% [3][7]. Financial Performance - For Q1 FY26, net sales were $1.0755 billion, with a non-GAAP net profit of $154.7 million, translating to diluted earnings per share of $0.27, down from $289.9 million and $0.53 in the same quarter last year [3][4]. - The gross profit margin was 54.3%, while the operating income margin was 20.7% [9]. Strategic Initiatives - The CEO highlighted a significant inventory reduction of $124.4 million, with distribution inventory days decreasing by 4 days to 29 days, and total inventory days down to 214 days, enhancing operational efficiency [8]. - The CFO noted that the company’s business model demonstrated leverage, achieving a non-GAAP gross margin of 76% and an operating margin of 82% for new revenue [8]. Future Guidance - For Q2 FY26, the company expects net sales to be approximately $1.13 billion, representing a sequential growth of about 5.1% [8][11]. - The company plans to maintain a cautious approach due to the changing macro environment while believing in its ability to achieve sustained growth and enhance shareholder value throughout FY26 [8]. Capital Expenditure - Projected capital expenditures for Q2 FY26 are estimated between $35 million and $40 million, with total capital expenditures for FY26 expected to be $100 million or less [11].