In addition to beating FQ1 estimates, Microchip (MCHP +2.3%) guided for FQ2 revenue of $560M-$575.9M and EPS of $0.70-$0.74, largely above a consensus of $547.6M and $0.71.
Microchip, often viewed as a bellwether for the chip industry, says it's "seeing a seasonally normal business environment with strengths in many of our end markets like industrial, automotive, housing, consumer electronics and personal computing."
Microcontroller revenue rose 5.3% Q/Q and 14.5% Y/Y, with all 3 of the company's microcontroller lines - 8-bit, 16-bit, and 32-bit - posting Q/Q growth. Analog revenue (not counting the Supertex deal) rose 2.6% Q/Q and 6.8% Y/Y. Counting Supertex, analog was 24% of total revenue.
Gross margin +50 bps Q/Q and +180 bps Y/Y to 59.8%. Microchip expects an FQ2 GM of 59.2%-59.6%.
Microcontroller rival Atmel (ATML +2.3%) has followed Microchip higher. Atmel's Q2 report is due on Aug. 6.
FQ1 results, PR