Micron Technology, Inc. (NASDAQ: MU) reported its fiscal fourth quarter financial results after the markets closed on Thursday. The company had $0.37 in earnings per share (EPS) on $3.6 billion in revenue compared to the consensus estimates from Thomson Reuters that call for $0.33 in EPS on $3.56 billion in revenue. The same period from the previous year had $0.82 in EPS on $4.23 billion in revenue.

Revenues for this quarter were 7% lower compared to the third quarter of fiscal 2015 primarily due to a 7% decline in DRAM average selling prices and relatively flat DRAM sales volume. Also the company’s overall consolidated gross margin of 27% for the fourth quarter of fiscal 2015 was 4% lower compared to the third quarter of fiscal 2015.

At the same time, non-volatile trade revenues also declined 7% compared to the third quarter primarily as a result of lower sales volume.

D. Mark Durcan, CEO of Micron, commented on earnings:

We are pleased to report Fiscal Year 2015 results that include revenue of $16.2 billion, $2.72 in non-GAAP earnings per share, and $2.3 billion in dilution management activities, including convert retirements and share repurchases. While fourth quarter results were impacted by continued weakness in the PC sector, we believe that memory industry fundamentals remain favorable over the long term.

During this quarter cash flows from operations totaled $1.03 billion. On the books the company had $5.63 billion in cash and marketable securities compared to $5.35 billion in the same period from the previous year.

Shares of Micron closed down 1.4% at $14.77 on its 52-week trading range of $13.50 to $36.59. Following the release of the earnings report, shares were up 4.6% at $15.45 in the after hours trading session. The stock has a consensus analyst price target of $25.27.

ALSO READ: 10 Cities Where You Don’t Want to Get Sick

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.