Microchip Tech: Fiscal 1Q Earnings Snapshot
CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Tuesday reported fiscal first-quarter profit of $50.7 million.
On a per-share basis, the Chandler, Arizona-based company said it had profit of 20 cents. Earnings, adjusted for one-time gains and costs, were $1.41 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.
The chipmaker posted revenue of $1.32 billion in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $1.33 billion.
For the current quarter ending in October, Microchip Tech expects its per-share earnings to range from $1.37 to $1.49. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.53.
The company said it expects revenue in the range of $1.32 billion to $1.38 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.39 billion.
Microchip Tech shares have risen 18% since the beginning of the year, while the Standard & Poor’s 500 index has increased 15%. In the final minutes of trading on Tuesday, shares hit $85.06, a fall of 11% in the last 12 months.