Bulletin
Investor Alert

Market Pulse Archives

Nov. 5, 2019, 4:30 p.m. EST

Microchip Tech stock falls after earnings and sales slip

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Microchip Technology Inc. (MCHP)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Jeremy C. Owens

Microchip Technology Inc. /zigman2/quotes/208326291/lastsale MCHP -8.48% shares dropped more than 5% in after-hours trading Tuesday after the company revealed that earnings and sales declined from last year. Microchip reported fiscal second-quarter profit of $108.9 million, or 43 cents a share, on sales of $1.34 billion, down from $1.43 billion a year ago. After adjusting for share-based compensation and other effects, Microchip reported earnings of $1.43 a share, down from $1.58 a share a year ago. Analysts on average expected adjusted earnings of $1.44 a share on sales of $1.35 billion, according to FactSet. "Our September quarter financial results were reasonably good despite a challenging economic environment," Chief Executive Steve Sanghi said in the announcement. The company projected fiscal third-quarter adjusted earnings of $1.12 to $1.32 a share on sales of $1.2 billion to $1.31 billion, while analysts on average were expecting adjusted earnings of $1.45 a share on sales of $1.35 billion, according to FactSet. Microchip shares had gained 39% so far this year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX -3.37% increased 22.8%.

/zigman2/quotes/208326291/lastsale
US : U.S.: Nasdaq
$ 68.20
-6.32 -8.48%
Volume: 4.66M
March 27, 2020 4:00p
P/E Ratio
26.95
Dividend Yield
2.15%
Market Cap
$17.85 billion
Rev. per Employee
$352,817
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
2,541.47
-88.60 -3.37%
Volume: 3.59B
March 27, 2020 5:12p
loading...

Get news alerts on Microchip Technology Inc. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.