Microchip Technology Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 20 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.
EPS decreased 32.3% year over year from 30 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $43.5 million, a decline of 34.8% from $66.7 million in the prior-year period.
The normalized profit margin dropped to 8.0% from 12.2% in the year-earlier period.
Total revenue totaled $541.4 million, compared with $546.2 million in the prior-year period, and total operating expenses increased from the prior-year period to $450.8 million from $431.4 million.
Reported net income declined 31.2% from the prior-year period to $65.1 million, or 30 cents per share, from $94.6 million, or 42 cents per share.
