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Microchip Tech: Fiscal 2Q Earnings Snapshot

CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Tuesday reported fiscal second-quarter net income of $108.9 million.

The Chandler, Arizona-based company said it had net income of 43 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.43 per share.

The results matched Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of $1.43 per share.

The chipmaker posted revenue of $1.34 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $1.35 billion.

For the current quarter ending in January, Microchip Tech expects its per-share earnings to range from $1.12 to $1.32. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.44.

The company said it expects revenue in the range of $1.2 billion to $1.31 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.35 billion.

Microchip Tech shares have risen 39% since the beginning of the year, while the Standard & Poor's 500 index has increased 23%. In the final minutes of trading on Tuesday, shares hit $100.02, a rise of 44% 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