Microchip Tech shares rise as results match views

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SAN FRANCISCO (AP) ? Microchip Technology Inc. shares rose Friday after the chip maker reported fiscal second-quarter results that met analyst views. The company also predicted third-quarter revenue in line with what analysts expect, but its adjusted net income guidance range only met Wall Street expectations at the high end.

Microchip Technology said late Thursday that for the quarter that ended Sept. 30 it earned $79.3 million, or 40 cents per share, compared with $103 million, or 55 cents per share, in the year-ago quarter.

Excluding one-time items, the Chandler, Ariz. company earned 46 cents per share, matching estimates of analysts polled by FactSet.

Revenue fell 11 percent year over year to $340.6 million from $382.3 million, matching analyst estimates.

The company also said its board declared a quarterly dividend of 34.8 cents per share. The dividend is payable Dec. 5 to shareholders of record as of Nov. 21.

For the current quarter, Microchip predicted adjusted net income of 40 to 44 cents per share on revenue of $316.8 million to $340.6 million.

At the time of its report, analysts were expecting 44 cents per share on $334.2 million in revenue.

Microchip shares rose $1.43, or 4 percent, to $37.20 in late-afternoon trading.