When Micron Technology Inc. (NASDAQ: MU) released its fiscal third-quarter financial results after the markets closed on Wednesday, the company posted $3.15 in earnings per share (EPS) and $7.8 billion in revenue. The consensus estimates had called for $3.14 in EPS and revenue of $7.75. The same period of last year reportedly had EPS of $1.62 and $5.57 billion in revenue.
During the quarter, overall consolidated gross margin was 60.6%, compared to 58.1% for the second quarter of 2018, primarily due to execution across our product portfolio.
DRAM revenue rose 56% in the quarter and made up about 71% of all revenue, while NAND flash memory revenue rose 14%, making up 25% of all revenues.
At the same time, operating cash flow was $4.26 billion, compared with $2.41 billion for the same period of last year, ending the quarter with a net cash positive position. Cash and short-term investments totaled $7.07 billion, versus $5.43 billion at the end of the previous fiscal year.
The company did not offer any guidance for the fiscal fourth quarter in its report, but instead on the conference call. The firm is calling for EPS to be in the range of $3.23 to $3.37 and revenues between $8.0 billion and $8.4 billion. Thomson Reuters consensus estimates call for $3.23 in EPS and $8.08 billion in revenue for the coming.
Sanjay Mehrotra, Micron President and CEO, commented:
Micron delivered record results in financial performance for the third fiscal quarter, supported by strong execution and ongoing secular demand trends. We strengthened our competitive position and grew our revenue across virtually all of our high-value product segments. 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.
Shares of Micron closed Wednesday at $58.95, with a consensus analyst price target of $77.72 and a 52-week trading range of $26.85 to $64.66. Following the announcement, the stock was up over 4% at $61.59 in early trading indications Thursday.