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Microchip Technology profit misses consensus by 61.2% in fiscal Q2

Microchip Technology Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 was 53 cents per share, compared with the S&P Capital IQ consensus estimate of $1.36 per share.

EPS increased 65.4% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $128.8 million, a gain of 73.1% from $74.4 million in the prior-year period.

The normalized profit margin climbed to 12.7% from 8.5% in the year-earlier period.

Total revenue rose 16.2% year over year to $1.01 billion from $871.4 million, and total operating expenses climbed 7.3% on an annual basis to $766.9 million from $714.8 million.

Reported net income rose 437.0% on an annual basis to $188.5 million, or 77 cents per share, from $35.1 million, or 15 cents per share.