Microchip Tech: Fiscal 1Q Earnings Snapshot
Aug. 09, 2018
CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Thursday reported fiscal first-quarter profit of $35.7 million.
The Chandler, Arizona-based company said it had net income of 14 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.61 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The chipmaker posted revenue of $1.21 billion in the period, which matched Street forecasts.
For the current quarter ending in October, Microchip Tech expects its per-share earnings to range from $1.65 to $1.83. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.69.
The company said it expects revenue in the range of $1.47 billion to $1.55 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.59 billion.
Microchip Tech shares have climbed 12 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 7 percent. In the final minutes of trading on Thursday, shares hit $98.08, a rise of 17 percent in the last 12 months.