Microchip Technology Inc. Q1 adjusted earnings Beat Estimates

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

The company's bottom line came in at $252.8 M, or $0.89 per share. This compares with $123.6 M, or $0.48 per share, in last year's first quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $558.8 million or $1.98 per share for the period.

Analysts had expected the company to earn $1.91 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 19.8% to $1.57 billion from $1.31 billion last year.

Microchip Technology Inc. earnings at a glance:

-Earnings (Q1): $558.8 Mln. vs. $401.9 Mln. last year. -EPS (Q1): $1.98 vs. $1.56 last year. -Analysts Estimate: $1.91 -Revenue (Q1): $1.57 Bln vs. $1.31 Bln last year.

-Guidance: Next quarter EPS guidance: $2.05 to $2.17 Next quarter revenue guidance: $1.616 to $1.679 Bln