CHANDLER, Ariz. (AP) 鈥� CHANDLER, Ariz. (AP) 鈥� Microchip Technology Inc. (MCHP) on Thursday reported fiscal first-quarter profit of $229.8 million.
The Chandler, Arizona-based company said it had net income of 37 cents per share. Earnings, adjusted for amortization costs and stock option expense, were 76 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The chipmaker posted revenue of $1.48 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $1.46 billion.
Microchip Tech expects full-year earnings in the range of 91 cents to 95 cents per share, with revenue in the range of $1.59 billion to $1.62 billion.
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