Microchip Technology Narrows Q3 EPS Outlook

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Microchip Technology said late Tuesday it narrowed its Q3 adjusted EPS outlook to between $0.87 and $0.94 per share from $0.85 to $0.95 per share, which still straddles the $0.90 per share consensus provided by Capital IQ.

The chipmaker also revised its Q3 adjusted revenue outlook and now expects net sales to slide 1% to 4% with a midpoint of down 2.5%, compared to a prior view for net sales to be flat to down 6% with a midpoint of down 3.0%.

CEO Steve Sanghi commented, “our business through the first eight weeks of the December 2016 quarter is tracking modestly above our November 7, 2016 guidance.”

Sanghi also said the company is “on track to realize our long term business model of 33% non-GAAP operating income by the fourth quarter of fiscal 2018.”

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