Date: Tuesday , January 31, 2006
Microchip Technology Inc. (NASDAQ: MCHP), a provider of microcontroller and analog semiconductors, hit company record levels for third quarter revenue and net income.
Revenue for the third quarter ending December 2005 stood at $234.9 million, up 14.4 percent from sales of $205.4 million in the prior year’s third quarter. Net income for the quarter was a company record $70.7 million, up 33.1 percent from last year’s third quarter earnings of $53.1 million.
“Revenue from both our microcontroller and analog products grew sequentially and reached record levels,” said Steve Sanghi, Microchip’s president and chief executive. Analog products did particularly well, Sanghi said, with sales growing 18 percent from the second quarter and 40 percent over the year before.
Sanghi also said Asian markets were the company’s fastest growing, representing 46 percent of the company’s business for the third quarter. Fourth quarter sales are expected to reach $242 million, the company said, with earnings per share of about 34 cents.
Headquartered in Chandler, Arizona, Microchip continues to exceed expectations on a very consistent basis even as its reaches new record level of sales and profitability.