Micron Earnings: MU Stock Jumps 2% After Beating Q1 Estimates

Micron (NASDAQ:MU) earnings for the computer memory and data storage company’s fiscal fourth quarter of 2020 have MU stock on the move after-hours Tuesday. That comes after reporting adjusted earnings per share of $1.08 on revenue of $6.06 billion. These both beat out Wall Street’s estimates of 99 cents per share and revenue of $5.89 billion.

Image of the Micron (MU) name on the side of a building.
Source: Sundry Photography / Shutterstock.com

Let’s take a look at some additional highlights from the most recent Micron earnings report below.

  • Adjusted per-share earnings are up 92.9% compared to 56 cents during the same period of the year prior.
  • Revenue for the quarter is sitting 24% higher than the $4.87 billion reported in fiscal Q4 2019.
  • Operating income of $1.16 billion is a 78.5% increase year-over-year from $650 million.
  • The Micron earnings report also has net income coming in at $988 million.
  • That’s a 76.1% jump from the company’s net income of $561 million reported during the same time last year.

Sanjay Mehrotra, president and CEO of Micron, said the following in the earnings report.

“Micron delivered solid fiscal fourth quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments. We look forward to improving market conditions throughout calendar 2021, driven by 5G, cloud and automotive growth, and we are excited by the continued momentum in our product portfolio.”

Micron includes guidance for fiscal Q1 2021 in its earnings report. It’s expecting adjusted EPS to range from 40 cents to 54 cents and revenue to come in between $500 billion and $540 billion. Wall Street’s estimates are for adjusted EPS of 69 cents on revenue of $5.31 billion.

MU stock was up 2.4% after markets closed on Tuesday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


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