Microchip (MCHP) Narrows Sales & Earnings Expectations For Q3
Zacks Investment Research | Dec 03, 2019 09:43PM ET
Microchip Technology Incorporated (NASDAQ:MCHP) provided an update on third-quarter fiscal 2020 outlook.
The company now anticipates consolidated net sales in the range of $1.244-$1.298 billion (mid-point $1.271) compared with the earlier forecast of $1.204-$1.311 billion (mid-point $1.257 billion). The revised guidance reflects a sequential fall of 3-7% and a decline from the prior-year quarter’s net sales of $1.416 billion. The Zacks Consensus Estimate for third-quarter fiscal 2020 revenues is currently pegged at $1.26 billion.
Non-GAAP earnings per share are projected in the range of $1.19-$1.30 per share (mid-point $1.24) compared with the previous guidance of $1.12-$1.32 (mid-point $1.22 billion). The revised bottom-line view indicates a decline from $1.66 in the prior-year quarter.
In the past two months, analysts have become cautious regarding Microchip’s financial performance with estimates moving south. In the past 30 days, the Zacks Consensus Estimate for the current quarter earnings has declined 13.2% and is pegged at $1.25.
Nevertheless, at mid-point, the company’s guidance for net sales as well as non-GAAP earnings reflects improvements.
Microchip Technology Incorporated Price and Consensus
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