Micron Slides By With Q1 Results

By Chris Lange Updated Jan 11, 1:32PM EST · Published Dec 18, 4:23PM EST

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Micron Slides By With Q1 Results — © Wikimedia Commons

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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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.