Microchip Technology Inc. (NASDAQ:MCHP) shares closed higher in the previous trading session after the electronics component maker announced its financial results for the third quarter above consensus forecast.
The company posted a loss of $251.1 million, or $1.07 per share for the quarter, versus a loss of $107.2 million, or 46 cents per share in the same period last year.
On an adjusted basis, earnings were $1.36 per share, slightly above analysts’ average estimate of $1.35 per share. Revenue rose to $994.2 million, as compared to $834.4 million in the year-ago quarter, and also better than $992.1 million estimated by analysts.
Microchip also announced its financial outlook for the fourth quarter. The company projected adjusted earnings in between $1.30 per share to $1.39 per share and revenue between $964.4 million and $1 billion for the ongoing quarter. Comparatively, analysts were looking for earnings of $1.37 per share on $1.01 billion in revenue.