Microchip Technology (MCHP) Narrows Financial Guidance for Q4

Microchip Technology Incorporated, (NASDAQ: MCHP) a leading provider of microcontroller, mixed signal, analog and Flash-IP solutions, today narrowed the range of its prior guidance for net sales and GAAP and non-GAAP earnings per share for its fiscal fourth quarter of 2018 ending March 31, 2018. Microchip previously provided guidance on February 6, 2018 for consolidated net sales to be up 1% to down 3% with a mid-point of down 1%. Microchip now expects consolidated net sales for the March quarter to be flat to down 2% with a mid-point of down 1%. GAAP earnings per share is now expected to be between $0.73 and $0.79 and non-GAAP earnings per share is expected to be between $1.32 and $1.37 per share. The original guidance for GAAP earnings per share was $0.72 to $0.80 and the original guidance for non-GAAP earning per share was between $1.30 and $1.39 per share.

“The March 2018 quarter is tracking towards our original guidance provided on February 6, 2018,” said Steve Sanghi, Microchip’s CEO. “We are narrowing the range of our net sales and earnings per share guidance around the previously provided mid-point. We continue to be very confident regarding our long-term growth initiates and operating model targets.”

There will be no conference call associated with this press release. Microchip is hosting an Analyst and Investor Day today, Thursday, March 1, 2018, beginning at 2:30PM (MST). A live webcast and replay of the presentation will be available at www.microchip.com.

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