Microchip Technology Raises Third-quarter Guidance

Microchip Technology raised financial guidance for its fiscal third quarter, citing an improvement in bookings and billings since its earnings call on Oct. 30. The company said it now expects net sales to be down 2% to 5% from the previous quarter, vs. the earlier forecast of a decline between 2% and 7%. The company sees non-GAAP earnings per share of 60 cents to 64 cents vs. the earlier forecast of 59 cents to 64 cents. Analysts surveyed by Factset expect the company to earn 62 cents a share, on average.