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Microchip Technology profit misses consensus by 63.1% in fiscal Q1

Microchip Technology Inc. said its normalized net income for the fiscal first quarter ended June 30 came to 46 cents per share, compared with the S&P Capital IQ consensus estimate of $1.24 per share.

EPS climbed 511.0% year over year from 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $110.8 million, a gain of 592.4% from $16.0 million in the prior-year period.

The normalized profit margin rose to 11.4% from 2.0% in the year-earlier period.

Total revenue rose 21.6% on an annual basis to $972.1 million from $799.4 million, and total operating expenses increased on an annual basis to $753.3 million from $741.8 million.

Reported net income came to $170.0 million, or 70 cents per share, compared with a loss of $109.3 million, or a loss of 51 cents per share, in the year-earlier period.