Microchip Technology Inc. Q4 Profit Drops, Inline With Estimates

(RTTNews) - Microchip Technology Inc. (MCHP) reported earnings for fourth quarter that decreased from the same period last year in line with the Street estimates.

The company's bottom line totaled $154.7 million, or $0.28 per share. This compares with $604.0 million, or $1.09 per share, in last year's fourth quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $310.3 million or $0.57 per share for the period.

Analysts on average had expected the company to earn $0.57 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 40.4% to $1.33 billion from $2.23 billion last year.

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

-Earnings (Q4): $154.7 Mln. vs. $604.0 Mln. last year. -EPS (Q4): $0.28 vs. $1.09 last year. -Revenue (Q4): $1.33 Bln vs. $2.23 Bln last year.

-Guidance: Next quarter EPS guidance: $0.48 to $0.56 Next quarter revenue guidance: $1.22 to $1.26 Bln