Micron Technology Company Earnings Push Stock to Seven-Year High
Micron Technology Inc. (NASDAQ: MU) reported third-quarter fiscal 2013 results after markets closed today. The semiconductor company reported adjusted earnings per share (EPS) of $0.04 on revenue of $2.32 billion. In the same period a year ago, the company reported an adjusted EPS loss of $0.32 on revenue of $2.17 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.02 and $2.25 billion in revenue.
The company’s press release did not offer fourth-quarter or fiscal year guidance. The consensus estimates for the fourth quarter call for EPS of $0.11 on revenues of $2.5 billion. For the full-year, analysts are looking for an EPS loss of $0.40 on revenues of $8.65 billion.
Sales of the company’s DRAM products rose 23% sequentially in the third quarter on higher prices and greater volume. Sales of NAND flash products rose 7% sequentially due primarily to a higher average selling price.
The company’s CEO said:
As the memory market shows improvement in both DRAM and NAND fundamentals, we continue to focus our efforts on advancing our operational efficiency. We have also made progress in securing the necessary approvals related to the Elpida acquisition and are optimistic we will be able to close the transaction in our fiscal fourth quarter ending August 29, 2013.
The company’s shares are up about 0.4% in after-hours trading, at $14.03 in a 52-week range of $5.61 to $14.11. The high was posted earlier today. Thomson Reuters had a consensus analyst price target of around $13.65 before today’s results were announced.