Microchip Technology Inc. Q2 Profit Increases, beats estimates

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

The company's bottom line totaled $546.2 million, or $0.98 per share. This compares with $242.0 million, or $0.43 per share, in last year's second quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $814.4 million or $1.46 per share for the period.

Analysts on average had expected the company to earn $1.44 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 25.5% to $2.07 billion from $1.65 billion last year.

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

-Earnings (Q2): $546.2 Mln. vs. $242.0 Mln. last year. -EPS (Q2): $0.98 vs. $0.43 last year. -Analyst Estimate: $1.44 -Revenue (Q2): $2.07 Bln vs. $1.65 Bln last year.

-Guidance: Next quarter EPS guidance: $1.54 to $1.56 Next quarter revenue guidance: $2.135 to $2.177 Bln