Microchip reports Q2 adjusted EPS 35c, consensus 33c

Reports Q2 revenue $1.14B consensus $1.13B. Steve Sanghi, Microchip’s (MCHP) CEO and President commented that “Our second quarter results demonstrate continued momentum in our recovery, with net sales of $1.140 billion growing 6% sequentially and above the midpoint of our guidance. The operational improvements we have implemented are translating into meaningful financial progress despite the broader market recovery developing more gradually than anticipated. We believe our operational capabilities position us to outperform as conditions improve.”