Microchip Technology (MCHP) late Thursday beat Wall Street’s targets for its fiscal second quarter and guided higher for the current period. MCHP stock rose in extended trading.
The Chandler, Ariz.-based company earned an adjusted $1.46 a share on sales of $2.07 billion in the quarter ended Sept. 30. Analysts polled by FactSet expected earnings of $1.44 a share on sales of $2.06 billion. In the year-earlier period, Microchip earned an adjusted $1.07 a share on sales of $1.65 billion.
In after-hours trading on the stock market today, MCHP stock 5.6% to 62.80. During the regular session Thursday, MCHP stock fell 2% to close at 59.46.
Microchip makes smart, connected and secure embedded control solutions. It sells semiconductor devices to the industrial, automotive, consumer, aerospace and defense, communications and computing markets.
Earnings report details to follow.
MCHP Stock Has Mediocre Composite Rating
MCHP stock ranks eighth out of 32 stocks in IBD’s semiconductor manufacturing industry group, according to IBD Stock Checkup. It has a so-so IBD Composite Rating of 65 out of 99. However, MCHP stock is on IBD’s Tech Leaders list.
Elsewhere in the sector, a bunch of semiconductor stocks fell Thursday on disappointing December-quarter guidance. Late Wednesday, Power Integrations (POWI), Qorvo (QRVO), Qualcomm (QCOM) and SiTime (SITM) guided well below analyst estimates for the calendar fourth quarter.
Meanwhile, Macom Technology Solutions (MTSI) delivered a modest beat-and-raise report early Thursday.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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