Microchip Technology Inc. Q4 Profit Increases, beats estimates

(RTTNews) - Microchip Technology Inc. (MCHP) released earnings for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $604.0 million, or $1.09 per share. This compares with $437.9 million, or $0.77 per share, in last year's fourth quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $907.8 million or $1.64 per share for the period.

Analysts on average had expected the company to earn $1.62 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 21.2% to $2.23 billion from $1.84 billion last year.

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

-Earnings (Q4): $604.0 Mln. vs. $437.9 Mln. last year. -EPS (Q4): $1.09 vs. $0.77 last year. -Analyst Estimate: $1.62 -Revenue (Q4): $2.23 Bln vs. $1.84 Bln last year.

-Guidance: Next quarter EPS guidance: $1.15 to $1.16 Next quarter revenue guidance: $2.255 to $2.322 Bln