Micron Slides By With Q1 Results

Micron Technology, Inc. (NASDAQ: MU) released fiscal first quarter financial results after markets closed Tuesday. The company said that it had $2.97 in earnings per share (EPS) and $7.91 billion in revenue, compared with consensus estimates that called for $2.96 in EPS and $8.02 billion in revenue. The same period from last year had $2.45 in EPS and $6.8 billion in revenue.

In this quarter, gross margin totaled 59.0% compared with 55.4% in the fiscal first quarter of 2017.

The company did not issue any guidance in the report. However, there are consensus estimates calling for $2.44 in EPS and $7.34 billion in revenue for the fiscal second quarter.

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For the first quarter, share repurchases totaled $1.80 billion under the authorized buyback program. On the books, cash and cash equivalents totaled $5.56 billion at the end of the quarter, versus $6.80 billion at the end of the previous fiscal year.

Sanjay Mehrotra, Micron Technology President and CEO, commented:

Micron reported strong profitability in the fiscal first quarter, highlighted by double-digit year-over-year revenue growth across our major markets and solid business execution. Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year. We remain bullish on the long-term secular growth trends driving the memory and storage industry.

Shares of Micron closed Tuesday at $34.11, with a consensus analyst price target of $58.03 and a 52-week range of $33.60 to $64.66. Following the announcement, the stock was initially down 1% at $33.65 in the after-hours session.

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