Microchip Technology Inc. Q1 Profit Increases, Inline With Estimates

(RTTNews) - Microchip Technology Inc. (MCHP) revealed earnings for its first quarter that increased from the same period last year in line with the Street estimates.

The company's earnings came in at $666.4 million, or $1.21 per share. This compares with $507.2 million, or $0.90 per share, in last year's first quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $905.3 million or $1.64 per share for the period.

Analysts on average had expected the company to earn $1.64 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 16.8% to $2.29 billion from $1.96 billion last year.

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

-Earnings (Q1): $666.4 Mln. vs. $507.2 Mln. last year. -EPS (Q1): $1.21 vs. $0.90 last year. -Analyst Estimate: $1.64 -Revenue (Q1): $2.29 Bln vs. $1.96 Bln last year.

-Guidance: Next quarter EPS guidance: $1.60 to $1.64 Next quarter revenue guidance: $2.220 to $2.312 Bln