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.
The company said it expects revenue in the range of $1.62 billion to $1.68 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.6 billion.
Microchip Tech shares have risen slightly more than 6% since the beginning of the year, while the S&P’s 500 index has risen 18%. In the final minutes of trading on Tuesday, shares hit $146.82, an increase of 40% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCHP at https://www.zacks.com/ap/MCHP