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Microchip Technology profit misses consensus by 56.5% in fiscal Q2

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Microchip Technology profit misses consensus by 56.5% in fiscal Q2

Microchip Technology Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 30 cents per share, compared with the S&P Capital IQ consensus estimate of 68 cents per share.

EPS declined 6.0% year over year from 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $66.7 million, a decline from $68.2 million in the prior-year period.

The normalized profit margin dropped to 12.2% from 13.8% in the year-earlier period.

Total revenue increased 10.9% year over year to $546.2 million from $492.7 million, and total operating expenses increased 15.0% from the prior-year period to $431.4 million from $375.2 million.

Reported net income decreased 5.0% year over year to $94.6 million, or 42 cents per share, from $99.6 million, or 46 cents per share.