Micron Technology Earnings: Here’s Why Shares are Down Now
Micron Technology Inc. (NASDAQ:MU) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.86%.
Micron Technology Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.04 in the quarter versus EPS of $-0.32 in the year-earlier quarter.
Revenue: Rose 6.72% to $2.32 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Micron Technology Inc. reported adjusted EPS income of $0.04 per share. By that measure, the company beat the mean analyst estimate of $0.02. It beat the average revenue estimate of $2.25 billion.
Quoting Management: “As the memory market shows improvement in both DRAM and NAND fundamentals, we continue to focus our efforts on advancing our operational efficiency,” said Micron CEO Mark Durcan. “We have also made progress in securing the necessary approvals related to the Elpida acquisition and are optimistic we will be able to close the transaction in our fiscal fourth quarter ending August 29, 2013.”
Key Stats (on next page)…
Revenue increased 11.55% from $2.08 billion in the previous quarter. EPS increased to $0.04 in the quarter versus EPS of $-0.28 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.05 to a profit $0.11. For the current year, the average estimate has moved up from a loss of $0.49 to a loss of $0.40 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)