Microchip Technology Inc. (NASDAQ:MCHP) Contracted Its 3rd Quarter Fiscal 2014 Guidance


Dallas, Texas 01/03/2014 (FINANCIALSTRENDS) – Well known semiconductor maker Microchip Technology Inc. (NASDAQ:MCHP) recently contracted its 3rd quarter fiscal 2014 guidance around the mid-point of its formerly guided range to better imitate the market situations. Shareholders turned somewhat pessimistic accompanying the reduced guidance and Microchip share rates dropped 11 cents to mark its closure at $42.64 on Dec 3.

The company now expects net sales to remain down by 1.5% to 4.5% sequentially. GAAP earnings per scrip are likely to come within 41 to 45 cents, whereas adjusted (non-GAAP) earnings are anticipated to come within 58 to 62 cents per scrip. The existing Zacks Consensus approximation for 3rd quarter fiscal 2014 stayed static at 54 cents over the past 30 days.

Concurrent with the second quarter fiscal 2014 earnings release, management had provided guidance for the looming quarterly period. Net sales were expected to be flat by 6% sequentially. GAAP earnings were then expected to be in the range of 40-46 cents per scrip, whilst non-GAAP earnings were remained within 57-63 cents range.

Besides a narrowed direction, management also disclosed that overall bookings for the firm remained stable at this time and income for the fourth quarterly period were expected to be up sequentially.

Microchip, SFAz join hands on student robotics funding

A Microchip Microchip Technology Inc. (NASDAQ:MCHP) is offering rustic Arizona high school pupils a chance to fabricate their personal robots and contend in rivalries with a $260,000 Science Foundation Arizona funding.

Microchip commenced the non-profit-making AZFirst, which was the beneficiary of the funding this week.

SFAz, a nonprofit begun in the year 2006, will offer the funds over three years to back up after school plans in rustic Arizona regarding AZFirst.

The projects conclude in a robotics contest.

SFAz wished to swell the robotics agenda outside Pima and Maricopa regions and wanted AZFirst’s assistance. The company’s president and chief executive officer Steve Sanghi is a FIRST panel director and co-chair of the AZFirst planning group.