Microchip Technology Inc. Q1 adjusted earnings Beat Estimates

(RTTNews) - Microchip Technology Inc. (MCHP) announced a profit for its first quarter that climbed from the same period last year.

The company's earnings came in at $50.7 million, or $0.20 per share. This compares with $35.7 million, or $0.14 per share, in last year's first quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $357.6 million or $1.41 per share for the period.

Analysts had expected the company to earn $1.37 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 9.1% to $1.32 billion from $1.21 billion last year.

Microchip Technology Inc. earnings at a glance:

-Earnings (Q1): $357.6 Mln. vs. $405.8 Mln. last year. -EPS (Q1): $1.41 vs. $1.61 last year. -Analysts Estimate: $1.37 -Revenue (Q1): $1.32 Bln vs. $1.21 Bln last year.