Microchip Technology Beats on Top and Bottom Lines (MCHP)

Microchip Technology Inc. (MCHP) reports Q2 earnings of $0.63 versus consensus of $0.58. Microchip Technology Inc. reports revenues of $382.3 million versus consensus of $341.94 million. Revenues increased 68.7% year over year and 7% sequentially. Mr. Sanghi said, "The September quarter was an all-time record for Microchip in many respects. Microchip's net sales for the September quarter were a record $382.3 million and were up 7% sequentially. Non-GAAP operating income was an all-time record high of $138.2 million, at 36.2% of sales. Our August 5, 2010 guidance for non-GAAP earnings per share was 58 cents and our non-GAAP EPS for the September quarter was a record 63 cents. We are proud to present these record breaking results to our stakeholders." The company see Q3 adjusted EPS in the range of $0.55 to $0.59 on revenues of $351.7 million to $374.6 million. Shares of MCHP are lower in the after-hours by 2.06%.