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Microchip Technology reports loss, hit by tax expense

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.