04:50 PM EST, 11/05/2024 (MT Newswires) -- Microchip Technology ( MCHP ) reported fiscal Q2 non-GAAP earnings late Tuesday of $0.46 per diluted share, down from $1.62 a year earlier.

Analysts polled by Capital IQ expected $0.43.

Net sales in the quarter ended Sept. 30 were $1.16 billion, down from $2.25 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.15 billion.

For fiscal Q3, the company said it expects non-GAAP diluted EPS of $0.25 to $0.35 and net sales of $1.03 billion to $1.10 billion. Analysts polled by Capital IQ expect $0.46 and $1.18 billion, respectively.

The company set a quarterly dividend of $0.455 per share, up from $0.454 in the prior quarter, payable on Dec. 6 to stockholders of record on Nov. 22.

Shares of the company were down 4.1% in recent after-hours activity.

Price: 72.00, Change: -3.09, Percent Change: -4.12