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Microchip Technology Q2 Profit Rises

Microchip Technology Inc. (MCHP) Tuesday reported second-quarter profit of $108.9 million or $0.43 per share, up from last year's profit of $96.3 million or $0.38 per share.

On an adjusted basis, earnings were $365.7 million or $1.43 per share, down from $398.5 million or $1.58 per share last year.

Revenues for the quarter were $1.34 billion, down 6.6% from $1.43 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.43 per share and revenues of $1.35 billion. Analysts' estimates typically exclude special items.

"Our September quarter financial results were reasonably good despite a challenging economic environment," said Steve Sanghi, Chief Executive Officer. "Our net sales were slightly below the midpoint of our guidance provided on August 6, 2019. Our non-GAAP gross margins were up to 62.2% in the September quarter, and very close to a record high. Our non-GAAP operating margin was also up to 36.7%, above the midpoint of our guidance."

Looking forward to the third quarter, Microchip expects sales of $1.20 to $1.31 billion and adjusted earnings of $1.12 to $1.32 per share. Analysts currently estimates earnings of $1.44 per share for the quarter.

MCHP closed Tuesday's trading at $100.02, up $0.24 or 0.24%, on the Nasdaq. The stock, however, slipped $5.02 or 5.02% in the after-hours trade.

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