Microchip Tech: Fiscal Q2 Earnings Snapshot

CHANDLER, Ariz. (AP) — CHANDLER, Ariz. (AP) — Microchip Technology Inc. (MCHP) on Thursday reported fiscal second-quarter profit of $666.6 million.

On a per-share basis, the Chandler, Arizona-based company said it had profit of $1.21. Earnings, adjusted for amortization costs and stock option expense, were $1.62 per share.

The results met Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was also for earnings of $1.62 per share.

The chipmaker posted revenue of $2.25 billion in the period, which missed Street forecasts. Ten analysts surveyed by Zacks expected $2.26 billion.

For the current quarter ending in December, Microchip Tech expects its per-share earnings to range from $1.09 to $1.17. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.46.

The company said it expects revenue in the range of $1.8 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $2.08 billion.

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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