CHANDLER (dpa-AFX) - Semiconductor company Microchip Technology Inc. (MCHP) on Thursday reported a swing to profit in the fourth quarter, as revenues surged.
Net income attributable to common stockholders was $116.4 million, or $0.21 per share, compared with a net loss of $156.8 million, or $0.29 loss per share, in the year-ago quarter.
Adjusted net income increased to $327.30 million, or $0.57 per share, from $61.40 million, or $0.11 per share, a year ago.
Revenue surged 35.1% to $1.31 billion from $970.50 million last year, exceeding the high end of the company's guidance.
Gross margin improved to 61.0% from 51.6% last year, while adjusted gross margin rose to 61.6% from 52.0%.
For the first quarter, the company expects revenue in the range of $1.442 billion to $1.469 billion and adjusted earnings between $0.67 and $0.71 per share.
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