Micron (NASDAQ:MU) earnings for the computer memory and storage company’s fiscal first quarter of 2020 have MU stock heading higher in after-hours trading on Wednesday. That’s thanks to its adjusted earnings per share of 48 cents. This is better than Wall Street’s estimate of 47 cents. Revenue of $5.14 billion also beats out analysts’ estimates of $5.01 billion.
Here’s what else is worth mentioning from the most recent Micron earnings report.
- Adjusted per-share earnings are down 83.84% from $2.97 in the fiscal first quarter of 2019.
- Revenue for the quarter is 35.02% worse than the $7.91 billion reported during the same time last year.
- The Micron earnings report also includes an operating income of $518 million.
- That’s an 86.22% decline from operating income of $3.76 billion in the same period of the year prior.
- Net income of $491 million is 85.08% lower YoY from $3.29 billion.
Sanjay Mehrotra, President and CEO of Micron, has this to say about the MU stock earnings report.
“Micron posted solid first quarter results, delivering good profitability and positive free cash flow. With our strong execution and improving industry conditions, we are optimistic that Micron’s fiscal second quarter will be the cyclical bottom for our financial performance.”
The Micron earnings report also includes its outlook for fiscal Q2 2020. It expects adjusted EPS ranging from 29 cents to 41 cents. It’s also looking for revenue between $4.50 billion and $4.80 billion. Wall Street is estimating EPS of 41 cents and revenue of $4.78 billion for the fiscal second quarter of 2020.
MU stock was up 3.51% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.