Microchip Technology Inc. (NASDAQ:MCHP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Microchip Technology Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 18.75% to $0.57 in the quarter versus EPS of $0.48 in the year-earlier quarter.
Revenue: Rose 31.43% to $462.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Microchip Technology Inc. reported adjusted EPS income of $0.57 per share. By that measure, the company beat the mean analyst estimate of $0.54. It beat the average revenue estimate of $454.67 million.
Quoting Management: “We are very pleased with our execution in the June quarter. Our actual net sales exceeded the high end of our upwardly revised guidance we provided on June 3, 2013,” said Steve Sanghi, President and CEO. “We also significantly exceeded the high end of our upwardly revised gross margin guidance and improved our gross margin percentage by 163 basis points sequentially.”
Key Stats (on next page)…