RTTNews | Aug 3, 2021 04:59PM EDT

16:58 Tuesday, August 3, 2021 (RTTNews.com) - Microchip Technology Inc. (MCHP) reported a profit for its first quarter that climbed from last year.

The company's bottom line came in at $252.8M, or $0.89 per share. This compares with $123.6M, or $0.48 per share, in last year's first quarter.

Excluding items, Microchip Technology Inc. reported adjusted earnings of $558.8 million or $1.98 per share for the period.

Analysts had expected the company to earn $1.91 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 19.8% to $1.57 billion from $1.31 billion last year.

Microchip Technology Inc. earnings at a glance:

-Earnings (Q1): $558.8 Mln. vs. $401.9 Mln. last year.-EPS (Q1): $1.98 vs. $1.56 last year.-Analysts Estimate: $1.91-Revenue (Q1): $1.57 Bln vs. $1.31 Bln last year.

-Guidance:Next quarter EPS guidance: $2.05 to $2.17Next quarter revenue guidance: $1.616 to $1.679 Bln

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