Microchip Technology expects Q3 non-GAAP EPS of $0.94
The company now expects non-GAAP earnings per share for the third-quarter to be between $0.87 and $0.94, compared to the prior outlook of $0.85 - $0.95 per share.
Microchip now expects consolidated non-GAAP net sales to be down 1% to 4% with a mid-point of down 2.5%. Microchip previously provided guidance on November 7, 2016 for consolidated non-GAAP net sales to be flat to down 6% with a mid-point of down 3%.
"With the continued execution of our integration activities and operational improvements for our business we are on track to realize our long term business model of 33% non-GAAP operating income by the fourth quarter of fiscal 2018," said Steve Sanghi, Microchip's CEO. ■