Microchip Technology Reaffirms Financial Guidance for Third Quarter Fiscal 2018
November 28 2017 - 4:15PM
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 November 6,
2017 earnings press release and currently expects net sales of
between $971.7 million and $1,012.1 million, non-GAAP earnings per
diluted share of $1.30 to $1.40 and GAAP earnings per diluted share
of $0.73 to $0.81 for the December quarter.
“The December 2017 quarter is tracking towards our guidance
provided on November 6, 2017,” said Steve Sanghi, Microchip’s
CEO. “We continue to execute on the various initiatives that
we expect will lead us to achieve our growth and long-term
operating model goals.”
There will be no conference call associated with this press
release. Microchip is presenting at the Credit Suisse 21st
Annual Technology, Media & Telecom Conference tomorrow,
Wednesday, November 29, 2017 at 9:00 a.m. (Mountain). A live
webcast and replay of this presentation will be available at
www.microchip.com.
Cautionary Statement:
The statements in this release relating to our expected net
sales and GAAP and non-GAAP earnings per share for the December
quarter, the December quarter tracking towards our prior guidance,
continuing to execute on the various initiatives that we expect
will lead us to achieve our growth and long-term operating model
goals are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements involve risks and uncertainties
that could cause our actual results to differ materially,
including, but not limited to: any economic uncertainty due to
monetary policy, political or other issues in the U.S. or
internationally, any unexpected fluctuations or weakness in the
U.S. and global economies (including China), changes in demand or
market acceptance of our products and the products of our
customers; foreign currency effects on our business; the mix of
inventory we hold and our ability to satisfy short-term orders from
our inventory; changes in utilization of our manufacturing capacity
and our ability to effectively manage and expand our production
levels in response to actual and anticipated customer demand; our
ability to continue to obtain a sufficient supply of wafers
from third party wafer foundries and the cost of such wafers,
competitive developments including pricing pressures; the level of
orders that are received and can be shipped in a quarter; the level
of sell-through of our products through distribution; changes or
fluctuations in customer order patterns and seasonality; our
ability to continue to successfully integrate the operations and
employees, retain key employees and otherwise realize the expected
synergies and benefits of our acquisitions; the impact of any other
significant acquisitions that we may make; changes in U.S.
corporate tax laws as a result of currently proposed or future
legislation; the costs and outcome of any current or future tax
audit or any litigation or disputes involving intellectual
property, customers or other issues; our actual average stock price
in the December 2017 quarter and the impact such price will have on
our share count; disruptions in our business or the businesses of
our customers or suppliers due to natural disasters (including any
floods in Thailand), terrorist activity, armed conflict, war,
worldwide oil prices and supply, public health concerns or
disruptions in the transportation system; and general economic,
industry or political conditions in the United States or
internationally. For a detailed discussion of these and other
risk factors, please refer to Microchip's filings on Forms 10-K and
10‑Q. You can obtain copies of Forms 10-K and 10-Q and other
relevant documents for free at Microchip's website
(www.microchip.com) or the SEC's website (www.sec.gov) or from
commercial document retrieval services.
Stockholders of Microchip are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of
the date such statements are made. Microchip does not
undertake any obligation to publicly update any forward-looking
statements to reflect events, circumstances or new information
after this November 28, 2017 press release, or to reflect the
occurrence of unanticipated events.
About Microchip:
Microchip Technology Incorporated is a leading provider of
microcontroller, mixed-signal, analog and Flash-IP solutions,
providing low-risk product development, lower total system cost and
faster time to market for thousands of diverse customer
applications worldwide. Headquartered in Chandler, Arizona,
Microchip offers outstanding technical support along with
dependable delivery and quality. For more information, visit
the Microchip website at www.microchip.com.
Note: The Microchip name and logo are registered
trademarks of Microchip Technology Inc. in the USA and other
countries.
INVESTOR RELATIONS CONTACT: |
J. Eric
Bjornholt – CFO |
|
(480)
792-7804 |
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