Micron Technology Inc. (NASDAQ: MU) reported its fiscal second-quarter results Wednesday after the markets closed as $0.81 in earnings per share (EPS) and $4.17 billion in revenue, coming over the top of Thomson Reuters consensus estimates of $0.73 in EPS and $4.15 billion in revenue. The fiscal second quarter from the previous year had $0.85 in EPS and $4.11 billion in revenue.

The company said that it will release guidance later, and we would consider this an incomplete report and cannot issue a final verdict without seeing the guidance.

Cash flows from operations were $1.25 billion for the second quarter of fiscal 2015.

Investments in capital expenditures totaled $853 million for the quarter. The company ended the period with cash and marketable investments of $6.35 billion.

CEO Mark Durcan did not spend too much time commenting on Micron’s performance:

Micron posted another solid quarter in our fiscal second quarter 2015. We are pleased with our progress on technology and product migrations and remain confident in the performance of our business.

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Prior to earnings a few analysts gave some mixed views on Micron:

• Merrill Lynch retained a Buy rating on Micron, but the firm lowered its price target to $40.50 from $45.00 in the call. The Buy rating is ultimately based on the earnings outlook and shareholder return. Chip supply can remain tight, coupled with disciplined capital expenditures and new tech execution risk, while demand can be stronger, led by China original equipment manufacturers (OEMs).
• Wells Fargo has a very negative view on Micron, which effectively looks and acts like a “Sell” rating. The firm has an Underperform rating and lowered its valuation range to $20 to $25 from the prior range of $22 to $28. Risks include highly volatile pricing for DRAM and NAND flash, the need for relatively high levels of capital investment and large swings in Micron’s profitability that have occurred in the past and that the analysts think are likely to continue into the future.

A big move recently came when Intel Corp. (NASDAQ: INTC) and Micron announced the availability of their 3D NAND technology, the world’s highest density flash memory. As a result, 3D NAND technology is poised to make a dramatic impact, aiming for continued performance gains and cost savings, driving more widespread use of flash storage.

Shares of Micron closed Wednesday flat at $27.13. Following the release of the earnings report, shares were up 3% at $27.93 in after-hours trading. The stock has a consensus analyst price target of $41.20 and a 52-week trading range of $21.02 to $36.59.

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