CHANDLER, Ariz. (AP) _ Microchip Technology Inc. (MCHP) on Thursday reported fiscal second-quarter profit of $242 million.

On a per-share basis, the Chandler, Arizona-based company said it had profit of 43 cents. Earnings, adjusted for amortization costs and to extinguish debt, came to $1.07 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.

The chipmaker posted revenue of $1.65 billion in the period, which matched Street forecasts.

For the current quarter ending in January, Microchip Tech expects its per-share earnings to range from $1.14 to $1.20. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.99.

The company said it expects revenue in the range of $1.72 billion to $1.78 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.6 billion.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCHP at https://www.zacks.com/ap/MCHP

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News