Micron Technology, Inc. (MU - Free Report) just released its latest quarterly financial results, posting non-GAAP earnings of $3.15 per share and revenues of $7.80 billion.
Currently, MU is a Zacks Rank #1 (Strong Buy), but that could change based on today’s results. Shares of the company have gained about 6.8% over the past month but dropped about 0.5% during regular trading hours today.
The stock is currently down 0.9% to $58.40 per share in after-hours trading shortly after its earnings report was released.
Micron:
Beat earnings estimates. The company posted non-GAAP earnings of $3.15 per share, beating the Zacks Consensus Estimate of $3.14.
Beat revenue estimates. The company saw revenue figures of $7.80 billion, edging out our consensus estimate of $7.75 billion. Total revenue was up 40% year over year.
GAAP net income was $3.82 billion, or $3.10 per share. Gross margin as a percentage of sales came in at 60.6%, an improvement from the 46.9% seen in the prior-year quarter. Operating income was $3.95 billion, up from just $1.97 billion last year. Operating cash flow for the quarter was $4.26 billion, compared with $2.41 billion in the year-ago period.
“We set new records for revenue in SSDs, Mobile Managed NAND and Automotive solutions along with Cloud/Enterprise and Graphics DRAM Memory. We see ongoing momentum and healthy industry fundamentals in the fourth quarter to close out an exceptionally strong fiscal 2018,” said CEO Sanjay Mehrotra.
During the quarter, Micron repurchased or converted $2.31 billion of its debt, lowering its total debt load to $7.34 billion. The company ended in a net cash positive position, with cash and equivalents of $7.68 billion.
Here’s a graph that looks at Micron’s recent earnings performance:
Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products.
Check back later for our full analysis on MU’s earnings report!
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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Micron Technology, Inc. (MU - Free Report) just released its latest quarterly financial results, posting non-GAAP earnings of $3.15 per share and revenues of $7.80 billion.
Currently, MU is a Zacks Rank #1 (Strong Buy), but that could change based on today’s results. Shares of the company have gained about 6.8% over the past month but dropped about 0.5% during regular trading hours today.
The stock is currently down 0.9% to $58.40 per share in after-hours trading shortly after its earnings report was released.
Micron:
Beat earnings estimates. The company posted non-GAAP earnings of $3.15 per share, beating the Zacks Consensus Estimate of $3.14.
Beat revenue estimates. The company saw revenue figures of $7.80 billion, edging out our consensus estimate of $7.75 billion. Total revenue was up 40% year over year.
GAAP net income was $3.82 billion, or $3.10 per share. Gross margin as a percentage of sales came in at 60.6%, an improvement from the 46.9% seen in the prior-year quarter. Operating income was $3.95 billion, up from just $1.97 billion last year. Operating cash flow for the quarter was $4.26 billion, compared with $2.41 billion in the year-ago period.
“We set new records for revenue in SSDs, Mobile Managed NAND and Automotive solutions along with Cloud/Enterprise and Graphics DRAM Memory. We see ongoing momentum and healthy industry fundamentals in the fourth quarter to close out an exceptionally strong fiscal 2018,” said CEO Sanjay Mehrotra.
During the quarter, Micron repurchased or converted $2.31 billion of its debt, lowering its total debt load to $7.34 billion. The company ended in a net cash positive position, with cash and equivalents of $7.68 billion.
Here’s a graph that looks at Micron’s recent earnings performance:
Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products.
Check back later for our full analysis on MU’s earnings report!
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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