Microchip Technology expects 1Q profit to top Street
CHANDLER, Ariz. — Chip maker Microchip Technology Inc. on Monday forecast fiscal first-quarter profit above analyst expectations.The company forecast income of 39 cents to 41 cents per share. Excluding one-time costs and gains, the company expects to earn 43 cents to 45 cents per share.
Microchip Technology forecast revenue growth of 2 percent to 6 percent compared with the previous quarter.
Analysts polled by Thomson Financial expect profit of 39 cents per share on sales of $264.7 million.
Shares of Chandler, Ariz.-based Microchip fell 60 cents to close at $35.40. They rose 35 cents to $36.75 in aftermarket activity.