Microchip Technology Inc reports results for the quarter ended March 31 - Earnings Summary

• Microchip Technology Inc MCHP.OQ reported quarterly adjusted earnings of 11 cents​​ per share for the quarter ended March 31, lower than the same quarter last year, when the company reported EPS of 57 cents. The mean expectation of twenty analysts for the quarter was for earnings of 11 cents per share. Wall Street expected results to range from 10 cents to 15 cents per share.

• Revenue fell 26.8% to $970.50 million from a year ago; analysts expected $962.76 million.

• Microchip Technology Inc's reported EPS for the quarter was a loss of 29 cents​.

• The company reported a quarterly loss of $156.8 million.

• Microchip Technology Inc shares had fallen by 0.7% this quarter and lost 16.2% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had fallen by about 45.5% in the last three months.​

• In the last 30 days, there have been no negative revisions of earnings estimates

RECOMMENDATIONS

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy," 7 "hold" and 1 "sell" or "strong sell." The average consensus recommendation for the semiconductors peer group is also "buy"

• Wall Street's median 12-month price target for Microchip Technology Inc is $60.00

This summary was machine generated from LSEG data May 8 at 11:52 p.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)