Microchip Technology Q1 Profit Shrinks - Quick Facts

(RTTNews) - Microchip Technology Inc. (MCHP) Wednesday reported first-quarter profit of $78.6 million or $0.37 per share, down from $78.7 million or $0.39 per share in the prior year quarter.

Adjusted earnings for the quarter was $120.4 million or $0.57 per share. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Sales increased 31.4 percent to $462.8 million from $352.1 million last year. Analysts expected revenues of $454.67 million.

Looking ahead to the second quarter, the company has forecast earnings in the range of $0.40 to $0.44 per share, with adjusted earnings in the order of $0.58 to $0.62 per share.

Sales are expected to range between $472.0 million and $490.6 million. Analysts currently expect the company to report second-quarter earnings of $0.58 per share on revenues of $471.76 million.