How Micron Pulled Ahead in Q3
Micron released its fiscal third quarter financial results after the markets closed on Tuesday. The company said that it had $1.05 in earnings per share (EPS) and $4.79 billion in revenue, compared with consensus estimates that called for $0.83 in…
Micron Technology, Inc. (NASDAQ: MU | MU Price Prediction) released its fiscal third quarter financial results after markets closed Tuesday. The company said that it had $1.05 in earnings per share (EPS) and $4.79 billion in revenue, compared with consensus estimates that called for $0.83 in EPS and $4.77 billion in revenue. The same period from last year had $3.15 in EPS and $7.8 billion in revenue.
Gross margin for the quarter was 38.2%, compared with approximately 60.6% in the same period last year. The fiscal second quarter had a gross margin of 49.1%.
On the books, cash and short-term investments totaled $6.69 billion at the end of the quarter, versus $6.80 billion at the end of the previous fiscal year.
Micron did not offer any guidance in the report. However, consensus estimates for the fiscal fourth quarter are calling for $0.78 in EPS and $4.9 billion in revenue.
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The firm repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during the first nine months of 2019 in connection with its $10 billion share repurchase authorization.
Sanjay Mehrotra, Micron Technology President and CEO, commented:
Micron’s improved competitive position and strong execution helped us deliver solid results despite a challenging environment. While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance.
Shares of Micron closed Tuesday at $32.68, with a 52-week range of $28.39 to $58.15. The consensus analyst price target is $44.86. Following the announcement, the stock was up 5.5% at $34.45 in the after-hours session.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
