Microchip Tech: Fiscal Q1 Earnings Snapshot
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....