Microchip Tech Narrows Q2 Adj. EPS And Adj. Net Sales Outlook

(RTTNews) - Microchip Technology Inc. (MCHP), a provider of microcontroller, mixed signal, analog and Flash-IP solutions, narrowed the range of its prior guidance for non-GAAP net sales and earnings per share for its fiscal second quarter of 2017 ending September 30, 2016.

Microchip previously provided guidance on August 8, 2016 for consolidated non-GAAP net sales to be flat to up 4% with a mid-point of up 2%. Microchip now expects consolidated non-GAAP net sales to be up between 1% and 3% with a mid-point unchanged at 2% and non-GAAP earnings per share to be between 85 cents and 89 cents per share. The original guidance for non-GAAP earning per share was between 83 cents and 91 cents per share.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.86 per share and revenues of $860.99 million for the second-quarter. Analysts' estimates typically exclude special items.