Microchip Issues Q4 Earnings Guidance; Promotes Ganesh Moorthy As President, COO

(RTTNews) - Microchip Technology Incorporated (MCHP) announced, for its fourth-quarter, the company expects on a non-GAAP basis: net sales in range of $552.0 to $568.5 million; net income in range of $141.1 to $150.5 million; and earnings per share of 65 cents to 69 cents.

Microchip Technology also announced that its Board has declared a quarterly cash dividend on its common stock of 35.9 cents per share. "Microchip generated outstanding cash flow in the quarter ended December 31, 2015, ending the period with $2.4 billion in cash and investments on its balance sheet," said Steve Sanghi, President, CEO and Chairman of the Board.

Separately, Microchip also announced that its Board has appointed Ganesh Moorthy as President and Chief Operating Officer.