Microchip Technology Inc. Q1 Profit Decreases, But Beats Estimates

(RTTNews) - Microchip Technology Inc. (MCHP) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $129.3 million, or $0.24 per share. This compares with $666.4 million, or $1.21 per share, in last year's first quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $289.9 million or $0.53 per share for the period.

Analysts on average had expected the company to earn $0.52 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 45.8% to $1.241 billion from $2.289 billion last year.

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

-Earnings (Q1): $129.3 Mln. vs. $666.4 Mln. last year. -EPS (Q1): $0.24 vs. $1.21 last year. -Revenue (Q1): $1.241 Bln vs. $2.289 Bln last year.

-Guidance: Next quarter EPS guidance: $0.40 to $0.46 Next quarter revenue guidance: $1.12 to $1.18 bln