Microchip Technology Inc. Q2 Profit Increases, beats estimates

(RTTNews) - Microchip Technology Inc. (MCHP) reported earnings for its second quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $666.6 million, or $1.21 per share. This compares with $546.2 million, or $0.98 per share, in last year's second quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $889.3 million or $1.62 per share for the period.

Analysts on average had expected the company to earn $1.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 8.7% to $2.25 billion from $2.07 billion last year.

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

-Earnings (Q2): $666.6 Mln. vs. $546.2 Mln. last year. -EPS (Q2): $1.21 vs. $0.98 last year. -Analyst Estimate: $1.61 -Revenue (Q2): $2.25 Bln vs. $2.07 Bln last year.

-Guidance: Next quarter EPS guidance: $1.09 to $1.17 Next quarter revenue guidance: $1.803 - 1.916 Bln