Microchip maintains Q3 guidance
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Microchip maintains Q3 guidance

By SiliconIndia   |   Thursday, 19 December 2002, 08:00 Hrs
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CHANDLER: Semiconductor manufacturer Microchip Technology Inc. (NasdaqNM:MCHP) on Wednesday maintained the guidance for its fiscal third quarter it gave in late October.

Chandler, Arizona-based Microchip said it continues to expect net sales for the quarter to be up 22 percent to 26 percent from the third quarter of fiscal 2002.

Microchip expects net sales for its third fiscal quarter 2003 ending Dec. 31, 2002 to be up 2 to 5% sequentially from the second fiscal quarter, and up approximately 22 to 26% from the third fiscal quarter of 2002. Earnings per share for the third fiscal quarter ending Dec. 31, 2002 are expected to be approximately 17 to 18 cents, flat to up 6% sequentially and up approximately 50 to 60% from the third fiscal quarter of fiscal year 2002. Microchip expects to announce its third fiscal quarter financial results after the close of market on Thursday, Jan. 23, 2003.

"The industry environment continues to be challenging. In this environment, we are maintaining our focus on design wins as well as introducing new products to expand our served available market," said Steve Sanghi, Microchip's president and CEO. "We are still experiencing strong demand in the proprietary segments of our business, namely the microcontroller and analog product segments. We believe that we are securing market share gains in these segments. Geographically, Asia remains our strongest region. Worldwide distribution inventory continues to be near the low end of the range that we have seen historically."

"With Fab 1 and Fab 2 combined utilization running nearly 85%, and significant demand coming from our advanced technology Flash mixed-signal microcontrollers, we are continuing to bring the newly acquired Fab 4 in Gresham, Ore. toward production readiness, with a June/July 2003 target date," concluded Sanghi.

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