Microchip reports Q3 EPS 44c, consensus 43c

Reports Q3 revenue $1.186B, consensus $1.19B. Steve Sanghi, Microchip’s (MCHP) CEO and President commented that, “Our fiscal third quarter results exceeded our expectations, with net sales of $1.186 billion growing 4% sequentially, and 15.6% year-over-year, well above our original guidance. We believe the broad-based recovery across our end markets, combined with significant margin expansion, demonstrates the tangible impact of our nine-point recovery plan execution. Our non-GAAP operating profit grew sequentially more than our net sales did in the December quarter, highlighting the operational momentum we have in our business.”