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Microchip Tech: Fiscal 2Q Earnings Snapshot

November 7, 2018

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCHP at https://www.zacks.com/ap/MCHP

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