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Microchip Technology profit misses consensus by 57.8% in fiscal Q3

Microchip Technology Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 26 cents per share, compared with the S&P Capital IQ consensus estimate of 62 cents per share.

EPS decreased 18.8% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $58.3 million, a decrease of 17.1% from $70.4 million in the prior-year period.

The normalized profit margin dropped to 11.0% from 14.6% in the year-earlier period.

Total revenue increased 9.6% on an annual basis to $528.7 million from $482.4 million, and total operating expenses grew 17.3% from the prior-year period to $425.5 million from $362.9 million.

Reported net income decreased 17.1% year over year to $87.2 million, or 39 cents per share, from $105.2 million, or 48 cents per share.