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Microchip Technology profit misses consensus by 73.9% in fiscal Q1

Microchip Technology Inc. said its normalized net income for the fiscal first quarter ended June 30 was 20 cents per share, compared with the S&P Capital IQ consensus estimate of 75 cents per share.

EPS fell 35.7% year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $41.8 million, a decline of 36.4% from $65.8 million in the year-earlier period.

The normalized profit margin fell to 2.0% from 12.3% in the year-earlier period.

Total revenue grew 49.7% year over year to $799.4 million from $534.0 million, and total operating expenses grew 70.4% year over year to $700.5 million from $411.1 million.

Reported net income totaled a loss of $109.3 million, or a loss of 51 cents per share, compared with income of $130.1 million, or 60 cents per share, in the year-earlier period.