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Microchip: Q2 Tracking In Line With Original Expectations; Narrows Guidance

Microchip Technology Incorporated (MCHP) narrowed the range of its prior guidance for net sales and earnings per share for second quarter. Non-GAAP earnings per share is expected to be between $1.36 and $1.46. The previous guidance was for non-GAAP earning per share between $1.30 and $1.52.

Microchip now expects second quarter net sales to be down between 2% and 6% sequentially with an unchanged mid-point of down 4%. The prior guidance was for net sales to be flat to down 8% sequentially, with a midpoint of down 4%.

"The September 2020 quarter is tracking in line with our original expectations, allowing us to narrow our net sales and earnings per share guidance after completing the first two months of the quarter," said Steve Sanghi, CEO.

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