Reuters: Global Markets: Microchip Tech forecasts current quarter above estimates

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Microchip Tech forecasts current quarter above estimates Feb 7th 2013, 23:20 Thu Feb 7, 2013 4:52pm EST (Reuters) - Chipmaker Microchip Technology Inc (MCHP.O) reported better-than-expected third-quarter results, boosted by sales of its microcontrollers, sending its shares up 6 percent in extended trading. Net income fell to $10.2 million, or 5 cents per share, from $77.5 million, or 38 cents per share, a year earlier. Excluding items, the company earned 41 cents per share. Analysts on average had expected earnings of 37 cents per share, according to Thomson Reuters I/B/E/S. Revenue rose 26 percent to $416 million, above the average analyst expectation of $411.4 million. Microchip shares rose to $36.20 after closing at $33.94 on the Nasdaq on Thursday.

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