Microchip Tech: Fiscal Q1 Earnings Snapshot

CHANDLER, Ariz. (AP) — CHANDLER, Ariz. (AP) — Microchip Technology Inc. (MCHP) on Thursday reported fiscal first-quarter profit of $129.3 million.

The Chandler, Arizona-based company said it had net income of 24 cents per share. Earnings, adjusted for one-time gains and costs, came to 53 cents per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The chipmaker posted revenue of $1.24 billion in the period, matching Street forecasts.

For the current quarter ending in September, Microchip Tech expects its per-share earnings to range from 40 cents to 46 cents.

The company said it expects revenue in the range of $1.12 billion to $1.18 billion for the fiscal second quarter.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCHP at https://www.zacks.com/ap/MCHP