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In 2Q16, $MCHP's non-GAAP tax rate was 11.5% and the GAAP tax benefit rate was 20.3%. The GAAP tax rate was favorably impacted by the impact of some of the $MCRL acquisition purchase accounting adjustment. Excluding any nonrecurring events, the company expects its longer-term forward-looking non-GAAP effective tax rate to be between 11-12%.
$MCHP and Mie Fujitsu Semiconductor Limited announced plans to develop an automotive platform on 40 nm technology using SuperFlash memory technology licensed by $MCHP’s Silicon Storage Technology subsidiary. The technology will focus on automotive AEC-Q100 (Grade 1) applications, along with IoT and high voltage.
$MCHP narrowed 1Q18 net sales growth outlook to 4.5-6% from 2-7%, its EPS guidance to $0.62-0.64 from $0.59-0.64 and its non-GAAP EPS estimate to $1.22-1.26 from $1.17-1.27. The company's inventory internally as well as distributors is extremely low and lead times are stretching out.
$MCHP stated that on the analog side, the company is not looking at its analog business to be attaching to its microcontrollers or standalone. $MCHP also added that it has identified a built-in large opportunity to attach analog around Atmel's microcontrollers, as those were the sockets the company purposely kept out.
For 4Q17, $MCHP expects GAAP net sales in the range of $872-908MM. Net income is expected to be in the range of $170.1-194.4MM, and diluted EPS is expected in the range of $0.71-0.81 for 4Q17. Additionally, CapEx is expected to be approx. $38MM.
Provider of microcontroller, analog and Flash-IP solutions $MCHP posted higher 3Q17 earnings, helped by higher revenue. Net income from continuing operations rose 75.35% to $107.33MM or $0.46 per diluted share from $61.21MM or $0.28 per diluted share a year ago. Net sales rose 54.41% to $834.36MM. Excluding items, $MCHP earned $1.05 per share.