How Micron Pulled Ahead in Q3

By Chris Lange Updated Jan 30, 7:18PM EST · Published Jun 25, 4:32PM EDT

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How Micron Pulled Ahead in Q3 — © Wikimedia Commons

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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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.