Microchip Technology (MCHP) late Thursday delivered mixed results for its fiscal first quarter and disappointed with its sales guidance, prompting investors to sell in extended trading.
XThe Chandler, Ariz.-based company earned an adjusted $1.61 a share on sales of $1.21 billion in the June quarter. Analysts expected it to earn $1.48 a share on sales of $1.21 billion. On a year-over-year basis, earnings per share rose 23% while sales climbed 25%.
For the current quarter, Microchip expects to earn an adjusted $1.74 a share on sales of $1.51 billion, based on the midpoint of its guidance. Wall Street was modeling it to earn $1.69 a share on sales of $1.58 billion for the September quarter.
Microchip Technology stock fell 7.7% in after-hours trading on the stock market today. During the regular session, it rose 0.3% to 98.08.
Integrating Microsemi Acquisition
"Our June-quarter financial results were strong," Chief Executive Steve Sanghi said in a news release.
The company is working on integrating its acquisition of Microsemi, which closed on May 29, he said. That deal was valued at more than $10 billion.
"While we have lots of work to do to achieve our long-term financial targets, we have high confidence in our team's ability to achieve these results over time," Sanghi said.
Microchip Technology makes microcontroller, mixed-signal, analog and flash-memory chip systems.
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