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Microchip Tech: Fiscal 3Q Earnings Snapshot

February 4, 2020 GMT

CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Tuesday reported fiscal third-quarter earnings of $311.1 million.

On a per-share basis, the Chandler, Arizona-based company said it had net income of $1.20. Earnings, adjusted for one-time gains and costs, came to $1.32 per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The chipmaker posted revenue of $1.29 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.27 billion.

For the current quarter ending in March, Microchip Tech expects its per-share earnings to range from $1.35 to $1.51. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.38.

The company said it expects revenue in the range of $1.31 billion to $1.4 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.32 billion.

Microchip Tech shares have decreased roughly 3% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2%. In the final minutes of trading on Tuesday, shares hit $101.71, an increase of 23% 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