Microchip Technology Inc. (MCHP) announced that its second-quarter GAAP net income was $44.5 million, or $0.24 per share, down from GAAP net income of $75.7 million, or $0.40 per share, in the prior year's second fiscal quarter.
Non-GAAP net income for the second quarter of fiscal year 2010 was $53.2 million, or $0.29 per share, down from non-GAAP net income of $83.5 million, or $0.45 per share, in the prior year's second fiscal quarter.
Net sales for the second quarter of fiscal year 2010 were $226.7 million, down approximately 16% from net sales of $269.7 million in the prior year's second fiscal quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share on revenues of $218.31 million for the quarter. Analysts' estimates typically exclude special items.
For the third quarter, the company expects revenues to be in the range of $236 million to $245 million.
For the third quarter, the company anticipates GAAP earnings to be in the range of $0.27 - $0.29 per share, and non-GAAP earnings of $0.33 - $0.35 per share. Analysts expect the company to report earnings of $0.24 per share on revenues of $224.11 million for the third-quarter.
Microchip Technology also announced that its Board has declared a quarterly cash dividend on its common stock of 34 cents per share. The dividend is payable on December 2, 2009 to stockholders of record on November 18, 2009. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003, and has increased the dividend 23 times since then.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.