Micron Technology Inc. (NASDAQ: MU) reported fiscal third-quarter financial results after markets closed on Monday. The company posted $0.82 in earnings per share (EPS) and $5.44 billion in revenue, which compares with consensus estimates calling for $0.77 in EPS and $5.31 billion in revenue. The same period of last year reportedly had $1.05 in EPS and $4.79 billion in revenue.
During the quarter, operating cash flow topped $2.02 billion, compared with $2.00 billion in the prior quarter and $2.71 billion for the same period last year.
Gross margin came in at 33.2%, an increase from 29.1% sequentially. However, this fell short of the gross margin in the fiscal third quarter from last year which was 39.3%.
Investments in capital expenditures, net were $1.92 billion for the third quarter, which resulted in adjusted free cash flows of $101 million.
On the books, cash, cash equivalents, and short-term investments totaled $8.66 billion at the end of the quarter, versus $7.96 billion at the end of the previous fiscal year.
Looking ahead to the fiscal fourth quarter, Micron expects to see EPS in the range of $0.95 to $1.15 and revenue between $5.75 billion and $6.25 billion. Consensus estimates call for $0.81 in EPS and $5.47 billion in revenue.
Sanjay Mehrotra, Micron president and CEO, commented: “We are ramping the industry’s most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets.”
Micron stock closed Monday at $49.15, in a 52-week range of $31.13 to $61.19. The consensus price target is $62.46. Following the announcement, the stock was up about 6% at $52.20 in the after-hours session Monday.
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