Microchip Technology Sees Q2 Net Sales Down 9.1%; Lowers Guidance

Microchip Technology Incorporated MCHP announced today that it expects its net sales for its second quarter of fiscal 2012 ending September 30, 2011, to be down about 9.1% sequentially and be about $340.6 million. On August 4, 2011, Microchip provided guidance of net sales to be down sequentially by 1% to 6% (or $352.0 to $370.8 million). Microchip also announced today that second quarter fiscal 2012 GAAP earnings per share is expected to be approximately 38 to 40 cents and non-GAAP earnings per share is expected to be approximately 45 to 47 cents. On August 4, 2011, Microchip provided guidance of GAAP EPS of 44 to 48 cents and non-GAAP EPS of 50 to 54 cents for the second quarter of fiscal 2012. There will be no conference call in conjunction with today's press release.