Micron Technology Inc. (NASDAQ: MU) reported its fiscal second-quarter financial results after the markets closed on Wednesday. Markets look to be turning lower early on Thursday, but Micron is bucking this trend as earnings were fairly positive. As we’ve noted before, semiconductors could be some of the first stocks to recover from this market downturn.

The company posted $0.45 in earnings per share (EPS) and $4.80 billion in revenue, which compares with consensus estimates calling for $0.37 in EPS and $4.68 billion in revenue. The same period of last year reportedly had $1.71 in EPS and $5.84 billion in revenue.

During the quarter, operating cash flow topped $2.0 billion, compared with $2.01 billion in the prior quarter and $3.44 billion for the same period last year.

Looking ahead to the fiscal third quarter, Micron expects to see EPS in the range of $0.40 to $0.70 and revenue between $4.6 billion and $5.2 billion. Consensus estimates call for $0.53 in EPS and $4.87 billion in revenue.

Sanjay Mehrotra, Micron president and CEO, commented:

Micron delivered solid second quarter results and revenue at the high end of the guidance range, despite the unfolding COVID-19 pandemic. I am grateful to our team ​for the excellent business execution we have achieved during this unprecedented situation. Their resilience, together with Micron’s technology leadership, stronger product portfolio, and healthy balance sheet, give us confidence that we will emerge from this challenging time well-positioned to capture the robust long-term demand opportunities for memory and storage.

Micron stock closed Wednesday at $42.50, in a 52-week range of $31.13 to $61.19. The consensus price target is $64.46. Following the announcement, the stock was up about 5% at $44.60 in early trading indications Thursday.

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