Semiconductor produt developer, Microchip Technology Inc.(MCHP) reported a dip in profits for the third quarter, but beat analysts estimates on Friday.
The Chandler, AZ based company reported third quarter earnings of 41 cents per share, down from 42 cents per share last year, but beat analysts estimate of 37 cents per share.
Revenue for the quarter was up 22% to $416 million, beating estimates of $411 million. Microcontrollers accounted for nearly 64% of the company’s revenue.
Looking ahead, analysts are expecting the company to see earnings of 42 cents per share and revenue of $417.1 million in the fourth quarter.
Microchip Technology shares were mostly flat during premarket trading Friday. The stock has declined -11% in the past year.
The Bottom Line
Shares of Microchip Technology Inc.(MCP) have a 4.15% yield, based on Thursday’s closing price of $33.94.
Microchip Technology Inc.(MCHP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.