Microchip Technology Inc. Q3 Profit Decreases, but beats estimates

(RTTNews) - Microchip Technology Inc. (MCHP) released a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $419.2 million, or $0.77 per share. This compares with $580.3 million, or $1.04 per share, in last year's third quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $592.7 million or $1.08 per share for the period.

Analysts on average had expected the company to earn $1.04 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 18.9% to $1.76 billion from $2.17 billion last year.

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

-Earnings (Q3): $419.2 Mln. vs. $580.3 Mln. last year. -EPS (Q3): $0.77 vs. $1.04 last year. -Analyst Estimates: $1.04 -Revenue (Q3): $1.76 Bln vs. $2.17 Bln last year.

-Guidance: Next quarter EPS guidance: $0.46 to $0.68 Next quarter revenue guidance: $1.225 to $1.425 Bln