Microchip Confirms Sequential Sales, Earnings Growth

May 19, 2005 by Jeff Shepard

Microchip Technology Inc. (Chandler, AZ), a provider of microcontroller (MCU) and analog semiconductors, reaffirmed its guidance of approximately $218 million in net sales and earnings per share of approximately $0.28 for its June quarter.

"April closed with record bookings for the first month of a quarter, and May is continuing at the same pace," stated Microchip President and CEO Steve Sanghi. "Based on the trends we have seen, we feel comfortable in reiterating the revenue and earnings per share guidance we provided in our April 28, 2005, press release."

In the prior quarter, its fiscal fourth quarter, the company posted net sales of $208.1 million, up 8.7% year-over-year or 1.3% sequentially. Net income in the quarter was $56.4 million, or $0.27 per diluted share, up 20.4% year-over-year and up 6.1% sequentially.