Micron Technology Inc. (NASDAQ: MU) released fiscal first-quarter financial results after markets closed Wednesday. The company said that it had $0.48 in earnings per share (EPS) and $5.14 billion in revenue, compared with consensus estimates that called for $0.47 in EPS and $5.01 billion in revenue. The same period of last year reportedly had $2.97 in EPS and $7.91 billion in revenue.
Gross margin for the most recent quarter was 26.6%, compared with approximately 58.3% in the year-ago period. The fiscal fourth quarter had a gross margin of 28.6%.
Looking ahead to the fiscal second quarter, the company expects to see EPS of $0.35, give or take $0.06, and revenues in the range of $4.5 billion to $4.8 billion. Consensus estimates are calling for $0.48 in EPS and $4.76 billion in revenue for the quarter.
Sanjay Mehrotra, Micron Technology president and CEO, commented:
Micron posted solid first quarter results, delivering good profitability and positive free cash flow. With our strong execution and improving industry conditions, we are optimistic that Micron’s fiscal second quarter will be the cyclical bottom for our financial performance. Our significantly improved competitive position, dramatically stronger product portfolio, structurally higher profitability and investment-grade balance sheet position Micron very well to drive long-term shareholder value.
Shares of Micron closed Thursday at $53.04, in a 52-week range of $28.39 to $54.30. The consensus price target is $57.67. Following the announcement, the stock was up 4% at $55.31 in the after-hours session.