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Microchip Technology profit misses consensus by 51.8% in fiscal Q1

Microchip Technology Inc. said its normalized net income for the fiscal first quarter ended June 30 came to 32 cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

EPS rose 18.3% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $71.9 million, an increase of 25.1% from $57.5 million in the prior-year period.

The normalized profit margin climbed to 13.6% from 12.4% in the year-earlier period.

Total revenue grew 14.3% on an annual basis to $528.9 million from $462.8 million, and total operating expenses grew 11.6% from the prior-year period to $404.8 million from $362.7 million.

Reported net income increased 14.4% on an annual basis to $89.8 million, or 40 cents per share, from $78.5 million, or 37 cents per share.