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Microchip Technology profit misses consensus by 70.8% in fiscal Q3

Microchip Technology Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 18 cents per share, compared with the S&P Capital IQ consensus estimate of 62 cents per share.

EPS fell 31.0% year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $39.3 million, a decline of 32.7% from $58.3 million in the year-earlier period.

The normalized profit margin fell to 7.3% from 11.0% in the year-earlier period.

Total revenue grew year over year to $540.3 million from $528.7 million, and total operating expenses rose 6.1% from the prior-year period to $451.4 million from $425.5 million.

Reported net income declined 30.0% from the prior-year period to $61.0 million, or 28 cents per share, from $87.2 million, or 39 cents per share.