Micron shares rise more than 4% after earnings report

Marco Green
September 27, 2017

Micron Technology reported revenues of United States dollars 6.14 billion for its fiscal fourth quarter to August, up 91 percent from a year earlier thanks in part to its takeover of the rest of Inotera Memories last December.

For the year, the company reported net income of $5.09 billion, or $4.41 per share, swinging to a profit in the period. Sales were $6.14 billion, up 91% year over year.

This compares to the year-ago quarter when Micron posted a five-cent loss on revenue of $3.22 billion.

Looking ahead, MU forecast Q1 EPS of $2.09 to $2.23, which blows away the current Wall Street consensus estimate of $1.84.

The share price has gained 123.07% from its 52-week low with a 52-week trading range of $16.17 - $36.60.The company's shares are now trading above their 200-day moving average. It was trading around $34.85 during Tuesday's session.

IBD'S TAKE:Micron stock has an IBD Composite Rating of 90, meaning it has outperformed 90% of stocks in key metrics over the past 12 months.

What's more, the stock's 50-day moving average of $31.03 is greater than its 200-day moving average of $29.54. It gets about two-thirds of its revenue from DRAM chips, with the rest coming mostly from Nand data-storage chips. Areas like artificial intelligence and networking may drive a growing share of demand for products from chipmakers like Micron. "We believe our focus on accelerating the deployment of advanced technologies and solutions will address our customers' evolving requirements, further strengthen our financial foundation, and enhance shareholder value".

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