Microchip Technology Inc (MCHP) has reported an 103.26 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $136.91 million, or $0.57 a share in the quarter, compared with $67.36 million, or $0.31 a share for the same period last year. On the other hand, adjusted net income from continuing operations for the quarter stood at $276.91 million, or $1.16 a share compared with $153.03 million or $0.70 a share, a year ago.

Revenue during the quarter surged 61.87 percent to $902.67 million from $557.65 million in the previous year period. Gross margin for the quarter expanded 473 basis points over the previous year period to 59.03 percent. Total expenses were 82.93 percent of quarterly revenues, down from 85.66 percent for the same period last year. This has led to an improvement of 273 basis points in operating margin to 17.07 percent.

Operating income for the quarter was $154.09 million, compared with $79.95 million in the previous year period.

However, the adjusted operating income for the quarter stood at $321.17 million compared to $178.42 million in the prior year period. At the same time, adjusted operating margin improved 359 basis points in the quarter to 35.58 percent from 32 percent in the last year period.

"Our March quarter financial results were outstanding," said Steve Sanghi, chief executive officer. "Our net sales were near the high end of our updated guidance from February 28, 2017, while non-GAAP gross margin percentage, operating profit percentage and diluted earnings per share all exceeded the high end of our guidance. We were not able to provide GAAP guidance for the March quarter due to our February 2017 convertible debt offering and the related GAAP accounting impact not being available at that time."

For the first-quarter 2018, Microchip Technology Inc expects revenue to be in the range of $920.70 million to $965.90 million and expects adjusted revenue to be in the range of $920.70 million to $965.90 million. The Company forecasts net income to be in the range of $143.40 million to $156.50 million and projects adjusted net income to be in the range of $282.40 million to $309.30 million. The company expects operating income to grow in the range of 20.30 percent to 21.30 percent and expects adjusted operating income to grow in the range of 36 percent to 37 percent. It projects diluted earnings per share to be in the range of $0.59 to $0.64. On an adjusted basis, the company projects diluted earnings per share to be in the range of $1.17 to $1.27.