Microchip Technology Shares Rally As Earnings, Outlook Top Street View

Microchip Technology Inc. shares rallied in the extended session Tuesday after the electronics component maker's quarterly results and outlook topped Wall Street estimates. Microchip Technology shares surged 6% to $81 after hours. The company reported adjusted fiscal fourth-quarter earnings of $1.16 a share on revenue of $902.7 million. Analysts surveyed by FactSet had estimated earnings of $1.06 a share on revenue of $891.1 million. For the fiscal first quarter, Microchip Technology sees adjusted earnings of $1.17 to $1.27 a share on revenue of $920.7 million to $965.9 million. Analysts had estimated $1.11 a share on revenue of $913.1 million.