Microchip Technology Inc. Q1 adjusted earnings Beat Estimates

(RTTNews) - Microchip Technology Inc. (MCHP) announced earnings for its first quarter that increased from the same period last year.

The company's bottom line came in at $123.6 million, or $0.48 per share. This compares with $50.7 million, or $0.20 per share, in last year's first quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $401.9 million or $1.56 per share for the period.

Analysts had expected the company to earn $1.43 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.8% to $1.31 billion from $1.32 billion last year.

Microchip Technology Inc. earnings at a glance:

-Earnings (Q1): $401.9 Mln. vs. $357.6 Mln. last year. -EPS (Q1): $1.56 vs. $1.41 last year. -Analysts Estimate: $1.43 -Revenue (Q1): $1.31 Bln vs. $1.32 Bln last year.

-Guidance: Full year EPS guidance: $1.30 to $1.52 Full year revenue guidance: $1.205 to $1.310 Bln