CHANDLER, Ariz. (AP) — Microchip Technology Inc. (MCHP) on Tuesday reported fiscal fourth-quarter net income of $174.7 million.
The Chandler, Arizona-based company said it had net income of 70 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.48 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.
The chipmaker posted revenue of $1.33 billion in the period, matching Street forecasts.
For the year, the company reported profit of $355.9 million, or $1.42 per share. Revenue was reported as $5.48 billion.
For the current quarter ending in July, Microchip Tech expects its per-share earnings to range from $1.26 to $1.49. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.57.
The company said it expects revenue in the range of $1.26 billion to $1.4 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $1.39 billion.
Microchip Tech shares have climbed 31% since the beginning of the year, while the Standard & Poor's 500 index has climbed 15%. The stock has risen 6% in the last 12 months.