Microchip Technology Inc. Q3 Profit Increases, beats estimates

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

The company's bottom line came in at $580.3 million, or $1.04 per share. This compares with $352.8 million, or $0.62 per share, in last year's third quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $863.7 million or $1.56 per share for the period.

Analysts on average had expected the company to earn $1.55 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 23.3% to $2.17 billion from $1.76 billion last year.

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

-Earnings (Q3): $580.3 Mln. vs. $352.8 Mln. last year. -EPS (Q3): $1.04 vs. $0.62 last year. -Analyst Estimate: $1.55 -Revenue (Q3): $2.17 Bln vs. $1.76 Bln last year.

-Guidance: Next quarter EPS guidance: $1.61 to $1.63 Next quarter revenue guidance: $2.191 - $2.256 Bln