By Yasin Ebrahim
Investing.com - Microchip Technology reported Monday better-than-expected fiscal fourth quarter results despite ongoing supply chain issues that have weighed on growth across chipmakers in the industry.
Microchip was up nearly 2% in afterhours trading.
Microchip (NASDAQ:MCHP) announced earnings per share of $1.35 on revenue of $1.84B. Analysts polled by Investing.com anticipated EPS of $1.25 on revenue of $1.82B.
Looking ahead, the company forecasts fiscal first quarter EPS in a range of $1.32 to $1.36 on revenue of between $1.92 billion to $1.99 billion. That is above the Street's expectations for EPS of $1.28 on revenue of $1.86 billion.
The stronger guidance comes even as the chipmaker said supply chain issues are likely to continue.
"Based on the magnitude of the demand-supply imbalance, the size of our non-cancellable backlog, the rate at which new backlog continues to come in, and the pace at which we can bring new capacity online, we expect to remain supply-constrained throughout 2022 and into 2023," Microchip said.
The company lifted its quarterly dividend by about 9% to $0.276 a share.
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