Microchip Tech: Fiscal 2Q Earnings Snapshot
CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Wednesday reported fiscal second-quarter earnings of $96.3 million.
On a per-share basis, the Chandler, Arizona-based company said it had profit of 38 cents. Earnings, adjusted for one-time gains and costs, came to $1.81 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.74 per share.
The chipmaker posted revenue of $1.43 billion in the period. Its adjusted revenue was $1.51 billion, matching Street forecasts.
For the current quarter ending in January, Microchip Tech expects its per-share earnings to range from $1.49 to $1.64. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.67.
The company said it expects revenue in the range of $1.36 billion to $1.44 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.47 billion.
Microchip Tech shares have declined 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5 percent. In the final minutes of trading on Wednesday, shares hit $70.30, a decrease of 23 percent in the last 12 months.