Microchip Tech: Fiscal Q3 Earnings Snapshot
CHANDLER, Ariz. (AP) — CHANDLER, Ariz. (AP) — Microchip Technology Inc. (MCHP) on Thursday reported fiscal third-quarter profit of $419.2 million.
On a per-share basis, the Chandler, Arizona-based company said it had net income of 77 cents. Earnings, adjusted for amortization costs and stock option expense, came to $1.08 per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.
The chipmaker posted revenue of $1.77 billion in the period, which did not meet Street forecasts. Ten analysts surveyed by Zacks expected $1.79 billion.
For the current quarter ending in March, Microchip Tech expects its per-share earnings to range from 33 cents to 36 cents.
The company said it expects revenue in the range of $1.23 billion to $1.43 billion for the fiscal fourth quarter.
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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
