Shares of Microchip Technology (MCHP) - Get Microchip Technology Incorporated Report moved higher in after-hours trading after the company said first-quarter earnings more than quadrupled, as sales of all product lines rose sequentially.
The Chandler, Ariz.-based semiconductor maker said earnings rose to $58.6 million, or 27 cents a share, up from $13.5 million, or 6 cents a share, a year earlier. (The year-ago quarter includes the effects of accelerated depreciation and other related charges associated with closing a facility).
Sales were $212.8 million, up 31.9% from $161.3 million in the prior year.
Analysts had forecast earnings of 26 cents per share and total revenue of $211.32 million.
The company said microcontroller sales achieved another record and were up 9.3% sequentially. Analog sales were up a very solid 15.5% sequentially, and reached a record level since the acquisition of TelCom Semiconductor 3 1/2 years ago. Serial EEPROM memory products were up about 20% sequentially, reflecting healthy market conditions.
Microchip said its second-quarter backlog was 7.7% higher at the start of the quarter than that of the first quarter. The company expects second-quarter sales to grow by about 5% sequentially, with net income of about 29 cents a share.
The consensus analyst estimate is 28 cents a share.
Shares of Microchip rose nearly 3% in after-hours trading after closing the regular session up 97 cents, or 3.6%, to $27.74.