Micron Technology Inc. Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Micron Technology Inc. (NASDAQ:MU) will unveil its latest earnings on Thursday, June 23, 2011. Micron Technology Inc. is a global manufacturer and marketer of Flash memory, image sensors and other semiconductor components.

Micron Technology Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average analyst is estimating net income of 17 cents per share, a decline of 63% from the same quarter a year ago. Estimates range from profit of 3 cents per share to net income of 26 cents per share. Over the past three months, the consensus estimate has moved up from 16 cents. Over the past month, the consensus estimate has moved down from 16 cents. For the year, analysts are projecting profit of 64 cents per share, a decline of 51.5% from last year.

Past Earnings Performance: The company beat estimates last quarter after falling short in the prior two. In the second quarter, the company reported net income of 6 cents per share versus a mean estimate of 2 cents. In the first quarter, the company fell short by 13 cents.

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Wall St. Revenue Expectations: On average, analysts predict $2.37 billion in revenue this quarter, a rise of 3.5% from the year ago quarter. Analysts are forecasting total revenue of $9.43 billion for the year, from last year’s revenue of $8.48 billion.

Analyst Ratings: Analysts are bullish on this stock with 17 analysts rating it as a buy and none rating it as a sell. While the average rating for the stock remains a moderate buy, the strength of the rating has dwindled over the past three months.

Key Stats:

The company has enjoyed double-digit year-over-year revenue growth for the past four quarters. Over that span, the company has averaged growth of 60.7%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose more than twofold from the year earlier quarter.

The company’s gross margin shrank by 13.5 percentage points in the last quarter. Revenue rose 15.1% while cost of sales rose 38.1% to $1.82 billion from a year earlier.

Competitors to Watch: Intel Corporation (NASDAQ:INTC), Spansion Inc. (NYSE:CODE), SanDisk Corporation (NASDAQ:SNDK), Integrated Silicon Solution, Inc. (NASDAQ:ISSI), SMART Modular Tech., Inc. (NASDAQ:SMOD), MoSys Inc. (NASDAQ:MOSY), LOGIC Devices Incorporated (NASDAQ:LOGC), Netlist, Inc. (NASDAQ:NLST), GSI Technology, Inc. (NASDAQ:GSIT), IBM (NYSE:IBM), Microsoft (NASDAQ:MSFT), AMD (NYSE:AMD), Texas Instruments (NYSE:TXN), Apple (NASDAQ:AAPL), Broadcom (NASDAQ:BRCM), NVIDIA Corp. (NASDAQ:NVDA) and Integrated Device Tech., Inc. (NASDAQ:IDTI).

Stock Price Performance: From two months ago, the stock price has fallen $3.56 (-31.3%) from $11.39 on April 20, 2011 to $7.83 on June 17, 2011. The stock price saw one of its best stretches over the last year between January 31, 2011 and February 8, 2011 when shares rose for seven-straight days, rising 8.5% (+90 cents) over that span. It saw one of its worst periods between June 1, 2011 and June 13, 2011 when shares fell for nine-straight days, falling 13.3% (-$1.27) over that span. Shares are down 19 cents (-2.4%) year to date.

(Source: Xignite Financials)

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