Microchip Technology Inc. has announced a diminished third-quarter profit compared to the same quarter last year, although the results still exceeded market expectations.
The technology firm posted a profit of $419.2 million, or $0.77 per share, a significant drop from the previous year's third-quarter results of $580.3 million, or $1.04 per share.
However, after adjusting for specific items, the company reported an adjusted earnings of $592.7 million or $1.08 per share for the quarter. This exceeded analysts' predictions, who had forecasted on average that the company would earn $1.04 per share, according to data compiled by Thomson Reuters. These projections typically exclude any exceptional items.
Furthermore, the company's revenue for the quarter also dipped by 18.9%, falling to $1.76 billion from $2.17 billion during the same period last year.
To recap, Microchip Technology's financial performance for the third quarter (per GAAP norms) stands as follows:
- Earnings: $419.2 million, down from $580.3 million last year
- Earnings per Share (EPS): $0.77, down from $1.04 last year
- Analysts' Estimated EPS: $1.04
- Revenue: $1.76 billion, down from $2.17 billion last year
Looking forward, the firm's estimated earnings per share for the next quarter range from $0.46 to $0.68, with projected revenue falling between $1.225 billion and $1.425 billion.
