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Microchip Technology profit misses consensus by 65.3% in fiscal Q3

Microchip Technology Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, was 31 cents per share, compared with the S&P Capital IQ consensus estimate of 90 cents per share.

EPS climbed 73.6% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $73.7 million, an increase of 87.5% from $39.3 million in the prior-year period.

The normalized profit margin increased to 8.8% from 7.3% in the year-earlier period.

Total revenue climbed 54.4% on an annual basis to $834.4 million from $540.3 million, and total operating expenses climbed 51.4% from the prior-year period to $683.3 million from $451.4 million.

Reported net income increased 77.4% on an annual basis to $108.3 million, or 46 cents per share, from $61.0 million, or 28 cents per share.