Business Corpus: Microchip Technology Tops March-Quarter Views, Guides UpMicrochip Technology on Tuesday beat Wall Street's expectations for the March quarter and provided guidance for the current quarter that was slightly ahead of views. The post Microchip Technology Tops March-Quarter Views, Guides Up appeared first on Investor's Business Daily.

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Microchip Technology (MCHP) on Tuesday beat Wall Street's expectations for the March quarter and provided guidance for the current quarter that was slightly ahead of views.

Microchip shares rose a fraction, near 89, in premarket trading on the stock market today. The stock has been consolidating for the past nine weeks with a buy point of 101.58.

The Chandler, Ariz.-based company earned an adjusted $1.40 a share, up 21% year over year, on sales of $1.002 billion, up 11%, in its fiscal fourth quarter ended March 31. Analysts expected EPS of $1.34 and sales of $985 million.

For the current quarter, Microchip expects to earn an adjusted $1.44 on sales of $1.037 billion, based on the midpoint of its guidance. Wall Street was modeling EPS of $1.43 and sales of $1.03 billion. Microchip's guidance translates to year-over-year grow of 10% in earnings per share and 7% in sales.

"Our March 2018 quarterly financial results were excellent," Microchip Chief Executive Steve Sanghi said in a news release. "Our net sales were up 11% from the March 2017 quarter, and above the high end of our March 1, 2018, guidance update."

On Track To Close Microsemi Deal

Microchip expects to close its $10 billion-plus acquisition of Microsemi (MSCC) in June. It is awaiting regulatory approvals from China and several other countries. It announced the acquisition on March 1.

Microchip makes microcontroller, mixed-signal, analog and flash-memory chip systems. Aliso Viejo, Calif.-based Microsemi specializes in chips for aerospace and defense, communications, data center and industrial markets.

The post Microchip Technology Tops March-Quarter Views, Guides Up appeared first on Investor's Business Daily.