aMicron Technology, Inc. (NASDAQ:MU) reported on its latest quarter on Tuesday, unveiling results that handily topped analysts’ expectations.
The company’s GAAP net income was $2.68 billion, or $2.19 per diluted share, while its non-GAAP net income was $2.99 billion, amounting to $2.45 per diluted share. The figure was 25 cents ahead of Wall Street’s projection, according to Zacks Investment Research.
Micron Technology also posted revenue of $6.80 billion for its first quarter of fiscal 2018, a 71% improvement compared to the year-ago period. Analysts were calling for revenue of $6.39 billion, according to data compiled by Zacks.
The semiconductor devices manufacturer and distributor now has an operating cash flow of $3.64 billion, marking a 220% surge compared to the year-ago mark.
“Micron’s strong results were driven by double-digit sequential revenue growth in mobile, server and SSD applications, with expanded gross margins and improved profitability,” said Micron President and CEO Sanjay Mehrotra.
Mehrotra added that the company has been making solid progress in advancing its priorities in a strategic manner with the purpose of increasing cost competitiveness, offering high value solutions and improving its balance sheet.
“We believe these actions will position Micron to benefit from the broad demand trends ahead of us,” he said. The Boise, Idaho-based company now sees its second-quarter adjusted revenue being in the range of $6.80 billion and $7.20 billion, while analysts project revenue of $6.19 billion.
Micron also forecasts its earnings as being in the range of $2.51 to $2.65 per share on an adjusted basis, compared to the $2.03 per share that the Wall Street consensus estimate calls for.
MU stock gained 2.9% after the bell Tuesday.