Why Micron Earnings Are So Great
Micron Technology Inc. (NASDAQ: MU) released fiscal fourth-quarter financial results after markets closed Thursday. The company reported $3.53 in earnings per share (EPS) and $8.44 billion in revenue, compared with consensus estimates that called for $3.34 in EPS and $8.25 billion in revenue. The same period from last year had $2.02 in EPS and $6.14 billion in revenue.
During the quarter, gross margin was 61.0% versus to 60.6% in the third quarter benefiting from strong execution across Micron’s product portfolio.
Separately, Micron appointed Mike Bokan as senior vice president of Worldwide Sales, effective Oct. 1, 2018. Bokan succeeds Steve Thorsen, who is retiring from Micron after 30 years with the company but will remain as an adviser through early November 2018 to ensure a smooth transition.
The company did not offer any guidance in the report, but there are consensus estimates calling for $3.06 in EPS and $8.44 billion in revenue for the fiscal first quarter.
Sanjay Mehrotra, president and CEO of Micron, commented:
Micron delivered an exceptional fourth quarter and capped record fiscal year results by becoming the second largest semiconductor company in the U.S. In the fourth quarter, we set revenue records across all our major markets, from automotive and industrial to mobile and cloud datacenters. The secular and diversified growth drivers in our industry combined with accelerating pace of transformation of the new Micron form a tremendous catalyst for us to create enduring value for our customers and investors in 2019 and the years ahead.
Shares of Micron closed Thursday at $46.06, with a consensus analyst price target of $78.45 and a 52-week range of $34.09 to $64.66. Following the announcement, the stock was up 2% at $47.12 in the after-hours session.