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.
XMicrochip shares fell 1.4%, near 87.50, in morning 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.
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