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Microchip Technology Inc. Q1 adjusted earnings Beat Estimates

Microchip Technology Inc. (MCHP) released earnings for first quarter that decreased from the same period last year.

The company's profit totaled $35.7 million, or $0.14 per share. This compares with $170.6 million, or $0.70 per share, in last year's first quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $405.8 million or $1.61 per share for the period.

Analysts had expected the company to earn $1.48 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 25.8% to $1.22 billion from $0.97 billion last year.

Microchip Technology Inc. earnings at a glance:

-Earnings (Q1): $405.8 Mln. vs. $319.1 Mln. last year.
-EPS (Q1): $1.61 vs. $1.31 last year.
-Analysts Estimate: $1.48
-Revenue (Q1): $1.22 Bln vs. $0.97 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.65 - $1.83
Next quarter revenue guidance: $1.47 - $1.55 Bln

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