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Microchip Tech: Fiscal 3Q Earnings Snapshot

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CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Thursday reported fiscal third-quarter earnings of $36.2 million.

On a per-share basis, the Chandler, Arizona-based company said it had net income of 13 cents. Earnings, adjusted for amortization costs and to extinguish debt, came to $1.62 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.58 per share.

The chipmaker posted revenue of $1.35 billion in the period, meeting Street forecasts.

For the current quarter ending in March, Microchip Tech expects its per-share earnings to range from $1.15 to $1.21. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.46.

The company said it expects revenue in the range of $1.42 billion to $1.49 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.26 billion.

Microchip Tech shares have climbed slightly more than 4% since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 3%. In the final minutes of trading on Thursday, shares hit $144.10, an increase of 42% 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