Microchip Technology Narrows Q4 Guidance

(RTTNews) - Microchip Technology Inc. (MCHP), Tuesday narrowed its sales and earnings guidance for its fourth quarter.

Microchip now expects sales of $1.279 billion to $1.375 billion. Previously, Microchip expected sales to be $1.251 billion to $1.403 billion.

The company now expects earnings to be between $0.21 and $0.38 per share and adjusted earnings to be between $1.30 and $1.49 per share.

The original guidance was for earnings of $0.18 to $0.41 per share and adjusted earning of $1.26 to $1.53 per share.

Analysts currently estimate earnings of $1.40 per share and revenues of $1.33 billion.

"The March 2019 quarter is tracking towards our original guidance provided on February 5, 2019," said CEO Steve Sanghi. "We are narrowing the range of our net sales and earnings per share guidance around the previously provided mid-point."