Microchip Expects Sales Up Between 3% and 5%

Microchip Technology Incorporated confirmed the mid-point of its financial guidance for its fiscal second quarter of 2014 ending September 30, 2013, and narrowed the revenue range.

It now expects net sales to be up between 3% and 5% sequentially.

Microchip previously provided guidance on July 31, 2013 for net sales to be up between 2% and 6% sequentially.

"Bookings activity in our business has been strong in July and August. The September quarter is progressing as we expected and we are narrowing the range of our revenue guidance, but leaving the midpoint of our guidance unchanged," said Steve Sanghi, Microchip’s president and CEO.