Micron Jumps 4%: FYQ4 Revenue, Profit Crush Consensus -- Barron's Blog
4:12 PM ET 9/26/17 | Dow Jones
By Tiernan Ray
DRAM and NAND chip vendor Micron Technology ( MU) this afternoon reported fiscal Q4 revenue and profit that easily topped analysts' expectations, sending its shares sharply higher in late trading.
Revenue in the three months ended in August roes 91%, year over year, to $6.14 billion, yielding EPS of $2.02 per share.
Analysts had been modeling $5.94 billion in revenue and $1.82 per share.
CEO Sanjay Mehrotra called the results "exceptional," crediting "solid execution and robust demand for our memory and storage solutions.
Continued Mehrotra, "We expect healthy industry fundamentals to continue into 2018, supported by increasingly diverse end markets and applications."
"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."
Gross profit margin rose to 51.3% from 48% in the prior quarter, and 18.6% in the year ago quarter.
Micron said sales were helped by a 5% rise in the volume of DRAM chips compared to the prior quarter, and a 3% rise in NAND chip sales, combined with an 8% rise in DRAM prices and a 5% rise in NAND prices.
Micron stock is up $1.42, or almost 4%, at $35.56, in late trading. |
