Microchip Technology Sees 4Q Profit Above Street

CHANDLER, Ariz. (AP) — Semiconductor maker Microchip Technology Inc. late Tuesday forecast fiscal fourth-quarter profit above analyst estimates.

The company expects profit between 9 cents and 11 cents per share for the quarter ending March 31, or between 13 cents and 15 cents per share excluding charges. The company forecast sales will decline between 8 percent and 12 percent from fiscal third-quarter revenue of $192.2 million. The projection implies fiscal fourth-quarter sales between $169.1 million and $176.8 million.

Analysts polled by Thomson Reuters expect profit of 10 cents per share on revenue of $171.5 million. Analyst estimates typically exclude one-time items.

"While general economic and semiconductor industry conditions have continued to be difficult and visibility continues to be limited, we have progressed according to our internal plan for this quarter," said President and Chief Executive Steve Sanghi in a statement.

Shares of Microchip Technology rose 75 cents, or 4 percent, to $19.67 in afternoon trading Wednesday. The stock has ranged from $16.23 to $38.37 over the past year.

(This version CORRECTS sales outlook.)