Microchip Technology Inc. Q2 Profit Decreases, But Beats Estimates

Microchip Technology

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(RTTNews) - Microchip Technology Inc. (MCHP) released earnings for second quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $78.4 million, or $0.14 per share. This compares with $666.6 million, or $1.21 per share, in last year's second quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $250.2 million or $0.46 per share for the period.

Analysts on average had expected the company to earn $0.43 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 48.4% to $1.163 billion from $2.254 billion last year.

Microchip Technology Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $78.4 Mln. vs. $666.6 Mln. last year. -EPS (Q2): $0.14 vs. $1.21 last year. -Revenue (Q2): $1.163 Bln vs. $2.254 Bln last year.

-Guidance: Next quarter EPS guidance: $0.25 to $0.35 Next quarter revenue guidance: $1.025 to $1.095 Bln