Micron (NASDAQ:MU) earnings for the third quarter of fiscal 2020 from Monday evening have MU stock climbing higher on Tuesday. This comes after reported revenue of $5.44 billion was above Wall Street’s estimate of $5.27 billion. Additionally, the company’s adjusted earning per share (EPS) of 82 cents per share is higher than analysts’ expectations of 77 cents during the quarter.
The company also reported GAAP EPS of 71 cents for the period.
Here is what else is worth mentioning from the most recent Micron earnings report.
- Per-share earnings were 21.9% worse than EPS of $1.05 during Q3 2019.
- Revenue for the quarter comes in 13.6% higher compared to $4.79 billion during the same time last year.
- Operating income of $888 million is a 12.1% drop year-over-year from $1.01 billion.
- The Micron earnings report also includes a net income of $803 million.
- That’s 4.4% lower than $840 million from the third quarter of 2019.
Sanjay Mehrotra, president and chief executive officer of Micron, said this about the MU stock earnings:
“Micron’s exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment. We are ramping the industry’s most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets.”
The company includes guidance for Q4 of fiscal 2020. Micron is calling for EPS of $1.05 (plus/minus 10 cents) on revenue between $5.75 billion and $6.25 billion. Meanwhile, Wall Street is expecting EPS of 91 cents on revenue of $5.71 billion for the period.
MU stock was up 5.6% as of Tuesday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
