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CHANDLER, Ariz. Microchip Technology Inc. (MCHP) on Tuesday reported fiscal first-quarter earnings of $252.8 million.
On a per-share basis, the Chandler, Arizona-based company said it had net income of 89 cents. Earnings, adjusted for amortization costs and stock option expense, were $1.98 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.
The chipmaker posted revenue of $1.57 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $1.55 billion.
For the current quarter ending in October, Microchip Tech expects its per-share earnings to range from $2.05 to $2.17. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.99.