Microchip Technology Inc. (MCHP)announced that its third-quarter GAAP net income was $69.4 million or $0.37 per share, down from GAAP net income of $72.4 million or $0.39 per share, in the prior year's third fiscal quarter.
Non-GAAP net income was $70.1 million or $0.38 per share, up from non-GAAP net income of $41.2 million or $0.23 per share, in the prior year's third fiscal quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales was $250.1 million, up about 30.1% from $192.2 million in the prior year's third fiscal quarter. Eleven analysts had consensus revenue estimate of $243.00 million for the quarter.
For fourth quarter, the company expects GAAP earnings to be in the range of $0.34 - $0.36 per share, and non-GAAP earnings to be in the range of $0.39 - $0.41 per share. Revenue is expected to be between $257.5 million and $267.5 million. Analysts expect the company to report earnings of $0.30 per share on revenues of $247.88 million for the fourth-quarter.
The company also announced that its Board declared a quarterly cash dividend on its common stock of 34.1 cents per share. The quarterly dividend is payable on March 4, 2010 to stockholders of record on February 18, 2010. Microchip said that it initiated quarterly cash dividend payments in the third quarter of fiscal year 2003, and has increased the dividend 24 times since then.
Additionally, Microchip announced that it has signed a definitive agreement to acquire Silicon Storage Technology, Inc.(SSTI) for $2.85 per share in cash. The acquisition has been approved by the Boards of Directors of each company and is expected to close in the second quarter of calendar 2010, subject to approval of SST's stockholders and other customary closing conditions.
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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.