U.S. Markets closed
  • S&P 500

    3,699.12
    +32.40 (+0.88%)
     
  • Dow 30

    30,218.26
    +248.74 (+0.83%)
     
  • Nasdaq

    12,464.23
    +87.05 (+0.70%)
     
  • Russell 2000

    1,892.45
    +43.75 (+2.37%)
     
  • Crude Oil

    46.09
    +0.45 (+0.99%)
     
  • Gold

    1,837.70
    +0.90 (+0.05%)
     
  • Silver

    24.32
    +0.18 (+0.76%)
     
  • EUR/USD

    1.2127
    -0.0022 (-0.1819%)
     
  • 10-Yr Bond

    0.9690
    +0.0490 (+5.33%)
     
  • Vix

    20.79
    -0.49 (-2.30%)
     
  • GBP/USD

    1.3438
    -0.0015 (-0.1088%)
     
  • USD/JPY

    104.1400
    +0.2800 (+0.2696%)
     
  • BTC-USD

    19,138.18
    +89.89 (+0.47%)
     
  • CMC Crypto 200

    365.19
    -14.05 (-3.71%)
     
  • FTSE 100

    6,550.23
    +59.96 (+0.92%)
     
  • Nikkei 225

    26,751.24
    -58.13 (-0.22%)
     

Microchip Tech: Fiscal 2Q Earnings Snapshot

·1 min read

CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Thursday reported fiscal second-quarter net income of $73.6 million.

The Chandler, Arizona-based company said it had profit of 27 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.56 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.42 per share.

The chipmaker posted revenue of $1.31 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $1.26 billion.

For the current quarter ending in January, Microchip Tech expects its per-share earnings to range from $1.51 to $1.63. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.46.

The company said it expects revenue in the range of $1.31 billion to $1.38 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.26 billion.

Microchip Tech shares have increased 13% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 9%. In the final minutes of trading on Thursday, shares hit $118.38, an increase of 18% in the last 12 months.

_____

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