Benzinga | Aug 3, 2021 05:26PM EDT

Recap: Microchip Technology Q1 Earnings

Shares of Microchip Technology (NASDAQ:MCHP) moved higher in after-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share increased 26.92% year over year to $1.98, which beat the estimate of $1.91.

Revenue of $1,569,000,000 higher by 19.77% from the same period last year, which beat the estimate of $1,550,000,000.

Outlook

Microchip Technology Sees Q2 EPS 2.05-$2.17 Vs. $1.99 Est., Sales $1.616B-$1.679B Vs. $1.59B Est.

Conference Call Details

Date: Aug 03, 2021

Time: 05:00 PM

ET Webcast URL: https://edge.media-server.com/mmc/p/hekrqo2t

Recent Stock Performance

Company's 52-week high was at $166.67

Company's 52-week low was at $95.53

Price action over last quarter: down 2.49%

Company Description

Microchip became an independent company in 1989 when it was spun off from General Instrument. More than half of revenue comes from MCUs, which are used in a wide array of electronic devices from remote controls to garage door openers to power windows in autos. The company's strength lies in lower-end 8-bit MCUs that are suitable for a wider range of less technologically advanced devices, but the firm has expanded its presence in higher-end MCUs and analog chips as well.