Microchip Technology Inc. Q3 Profit Increases, beats estimates

(RTTNews) - Microchip Technology Inc. (MCHP) reported a profit for its third quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $352.8 million, or $0.62 per share. This compares with $36.2 million, or $0.07 per share, in last year's third quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $681.7 million or $1.20 per share for the period.

Analysts on average had expected the company to earn $1.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 30.4% to $1.76 billion from $1.35 billion last year.

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

-Earnings (Q3): $352.8 Mln. vs. $36.2 Mln. last year. -EPS (Q3): $0.62 vs. $0.07 last year. -Analyst Estimate: $1.17 -Revenue (Q3): $1.76 Bln vs. $1.35 Bln last year.

-Guidance: Next quarter EPS guidance: $1.22 to $1.28 Next quarter revenue guidance: $1.793 to $1.845 Bln