Read Larry Connors' blog – Short Term Trading Strategies
The Chandler, Arizona-based company posted GAAP net income of $44.5 million for the second quarter, down 41.3% from $75.7 million in the prior year quarter. Earnings per share dropped to $0.24 from $0.40 in the previous year quarter.
Excluding items, non-GAAP net income dropped to $53.2 million or $0.29 per share from $83.5 million or $0.45 per share in the year-ago quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the second quarter. Analysts' estimates typically exclude special items.
Second quarter net sales declined 16% to $226.7 million from $269.7 million in the same quarter last year. Thirteen analysts had a consensus revenue estimate of $224.11 million for the second quarter.
Microchip expected to report GAAP earnings of $0.18 to $0.20 per share, non-GAAP earnings of $0.23 to $0.26 per share, and revenue of $206 million to $214 million for the second quarter.
Total operating expenses for the second quarter eased to $70.6 million from $77.0 million in the prior year quarter.
Further, the company said that its board has raised its quarterly cash dividend to $0.34 per share from $0.339 per share, payable on December 2, to stockholders of record on November 18.
Microchip's board authorized a stock buy back of up to 10.0 million shares in December 2007. At March 31, about 2.5 million shares remained available for purchase under this program.
During the quarter, Microchip shipped 38,086 development systems, a new record that demonstrates the continued strong interest in Microchip's products in the face of a tough economy. The total cumulative number of development systems shipped now stands at 843,010.
For the first half of fiscal 2010, Microchip reported net income of $71.9 million or $0.39 per share, down from $151.3 million or $0.80 per share in the previous year period.
On a non-GAAP basis, net income dropped to $88.2 million or $0.48 per share from $166.1 million or $0.88 per share in the prior year period.
Net sales for the six-month period decreased to $419.6 million from $537.9 million in the year-ago period.
For the third quarter of fiscal 2010, Microchip anticipates GAAP earnings of $0.27 to $0.29 per share, and non-GAAP earnings of $0.33 to $0.35 per share. Revenue is estimated between $236 million and $245 million. The Street expects earnings of $0.24 per share on revenue of $224.11 million for the third quarter.
For calendar year 2010, the company anticipates GAAP earnings of $1.29 per share, non-GAAP earnings of $1.50 per share, and revenue of $1.05 billion. Analysts currently expect the company to earn of $0.86 per share on revenue of $864.31 million for the year.
Microchip closed Wednesday's regular trading session at $24.41, up 26 cents or 1.08%, on a volume of 4.12 million shares. In after-hours, the shares further gained 74 cents or 3.03%.
For comments and feedback: contact editorial@rttnews.com Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
