Microchip Technology Reaffirms Prior Fiscal Guidance
Microchip Technology Inc. (Chandler, AZ) announced in its quarterly business update for the third quarter of fiscal 2002 that, based on October and November data, it is tracking toward its earlier guidance of net sales for the current quarter of approximately $142.0 million.
Based on various operating factors, the company is reaffirming its guidance on earnings per share at the upper end of the range, or approximately $0.17 per share.
"We are able to meet the operating challenges of the current business and economic climate and maintain our guidance for the third fiscal quarter," said Steve Sanghi, Microchip's president and CEO. "Inventory in the channel continues to be at extremely low levels, which I would characterize as replenishment levels."