Microchip Tech: Fiscal Q3 Earnings Snapshot

CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Thursday reported fiscal third-quarter profit of $580.3 million.

The Chandler, Arizona-based company said it had profit of $1.04 per share. Earnings, adjusted for amortization costs and pretax expenses, came to $1.56 per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.

The chipmaker posted revenue of $2.17 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $2.15 billion.

For the current quarter ending in March, Microchip Tech expects its per-share earnings to range from $1.61 to $1.63. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.46.

The company said it expects revenue in the range of $2.19 billion to $2.26 billion for the fiscal fourth 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 MCHP">Zacks stock report on MCHP at https://www.zacks.com/ap/MCHP