Microchip Technology (MCHP) Reaffirms Q2 Guidance

Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, mixed signal, analog and Flash-IP solutions, today reaffirmed its financial guidance provided in its August 3, 2017 earnings press release and currently expects net sales of approximately $1,001.3 million, non-GAAP earnings per diluted share of $1.33 to $1.37 and GAAP earnings per diluted share of $0.74 to $0.78 for the September quarter.

“The September 2017 quarter is comfortably tracking towards our guidance provided on August 3, 2017. We are continuing to execute on the various initiatives that we expect to lead us to achieve our growth and long-term operating model goals,” said Steve Sanghi, Microchip’s CEO.

Mr. Sanghi added, “The business environment continues to be good for our products. Our manufacturing capacity additions are coming on-line as expected and our lead times have stabilized. We still expect it will take until the middle of calendar year 2018 for our lead times and inventory levels to get back to more optimal levels. We expect our gradual and controlled capacity additions will lead to a soft landing towards normal lead times, inventory levels and backlog.”

There will be no conference call associated with this press release. Microchip is presenting at the Citi 2017 Global Technology Conference tomorrow, Wednesday, September 6, 2017 at 8:00 a.m. (Pacific). A live webcast and replay of this presentation will be available at www.microchip.com.

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