Microchip Technology Narrows Q3 Adj. EPS View

(RTTNews) - Microchip Technology Inc. (MCHP), a provider of microcontroller, mixed signal, analog and Flash-IP solutions, improved the range of its prior guidance for non-GAAP net sales and non-GAAP earnings per share for its fiscal third quarter of 2017 ending December 31, 2016.

The company now expects non-GAAP earnings per share for the third-quarter to be between $0.87 and $0.94, compared to the prior outlook of $0.85 - $0.95 per share.

Microchip now expects consolidated non-GAAP net sales to be down 1% to 4% with a mid-point of down 2.5%. Microchip previously provided guidance on November 7, 2016 for consolidated non-GAAP net sales to be flat to down 6% with a mid-point of down 3%.

"With the continued execution of our integration activities and operational improvements for our business we are on track to realize our long term business model of 33% non-GAAP operating income by the fourth quarter of fiscal 2018," said Steve Sanghi, Microchip's CEO.