Microchip Technology Inc. posted a loss of $251.1 million in the third quarter of fiscal year 2018, down from net income of $107.3 million in the same prior-year period, as it recorded a one-time tax expense of $439.8 million related to the Tax Cuts and Jobs Act.
For the period in review, Microchip Technology incurred a loss of $1.07 per diluted share compared with income of 46 cents per diluted share in the prior year's third fiscal quarter.
Net sales rose 19.2% to $994.2 million for the quarter from $834.4 million previously.
The company forecasts its fiscal fourth-quarter net income to be between $179.5 million and $203.5 million and diluted EPS to be in the range of 72 cents to 80 cents.
Microchip Technology also announced a quarterly cash dividend of 36.30 cents per share, payable March 6 to stockholders of record Feb. 21.
