Microchip Technology (MCHP) Narrows Q4 Outlook

Microchip Technology Incorporated (NASDAQ: MCHP) narrowed the range of its prior guidance for net sales and non-GAAP earnings per share for its fiscal fourth quarter of 2017 ending March 31, 2017. Microchip previously provided guidance on February 7, 2017 for consolidated net sales to be down 1% to up 3% with a mid-point of up 1%. Microchip now expects consolidated net sales to be down 0.5% to up 2.5% with a mid-point unchanged at 1% and non-GAAP earnings per share to be between $1.02 and $1.10 per share. The original guidance for non-GAAP earning per share was between $1.01 and $1.11 per share. Due to Microchip’s recent convertible debt offering and the related accounting treatment, Microchip is not able to provide GAAP earnings per share guidance at this time.

“Our business for the first eight weeks of the March 2017 quarter is tracking well towards our February 7, 2017 guidance,” said Steve Sanghi, Microchip’s CEO. “We are narrowing the range of our revenue and non-GAAP earnings per share guidance, while keeping the midpoint of the guidance unchanged.”

There will be no conference call associated with this press release. Microchip’s CEO, Steve Sanghi and CFO, Eric Bjornholt, are presenting at the Morgan Stanley Technology, Media & Telecom Conference tomorrow, Wednesday, March 1, 2017. A live webcast and replay of the presentation will be available at www.microchip.com.

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