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Microchip Technology profit misses consensus by 63.6% in fiscal Q2

Microchip Technology Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 was 32 cents per share, compared with the S&P Capital IQ consensus estimate of 87 cents per share.

EPS rose 58.8% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $74.4 million, a gain of 71.1% from $43.5 million in the prior-year period.

The normalized profit margin climbed to 8.5% from 8.0% in the year-earlier period.

Total revenue increased 60.9% year over year to $871.4 million from $541.4 million, and total operating expenses increased 58.6% on an annual basis to $714.8 million from $450.8 million.

Reported net income fell 46.1% year over year to $35.1 million, or 15 cents per share, from $65.1 million, or 30 cents per share.