Technology

Micron Sees Q3 Adj. EPS $0.38-$0.52 Vs $0.20 Est., Revenue $6.4B-$6.8B Vs $6B Est.

Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2024 AI demand and tight supply accelerate return to profitability BOISE, Idaho, March 20, 2024 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2024, which ended February 29, 2024. Fiscal Q2 2024 highlights — Revenue of $5.82 billion versus $4.73 billion for the prior quarter and $3.69 billion for the same period last year — GAAP net income of $793 million, or $0.71 per diluted share — Non-GAAP net income of $476 million, or $0.42 per diluted share — Operating cash flow of $1.22 billion versus $1.40 billion for the prior quarter and $343 million for the same period last year “Micron delivered fiscal Q2 results with revenue, gross margin and EPS well above the high-end of our guidance range — a testament to our team’s excellent execution on pricing,

Micron Expects Next-Gen AI PC Units To Grow And Become A Meaningful Portion Of Total PC Units In Calendar 2025.

Micron Technology Inc (NASDAQ:MU) reported fiscal second-quarter financial results Wednesday after the bell. Here’s a look at the key metrics from the quarter. Q2 Earnings: Micron reported first-quarter revenue of $5.82 billion, which beat the consensus estimate of $5.342 billion. The company reported adjusted earnings of 42 cents per share, which easily beat analyst estimates for a loss of 25 cents per share. Operating cash flow came in at $1.22 billion, up from $343 million in the prior year’s quarter, but down from $1.4 billion quarter-over-quarter. Adjusted free cash flow came in at negative $29 million for the quarter. Micron said it ended the quarter with $9.72 billion in cash, marketable securities and restricted cash. “Micron delivered fiscal Q2 results with revenue, gross margin and EPS well above the high-end of our guidance range — a testament to our team’s excellent execution on pricing, products and operations,” said Sanjay Mehrotra, president and CEO

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target to $130 from $110, on a P/E of 13.5x our CY 25 EPS view, near historical. We up our FY 24 (Aug.) per share estimate to $0.83 EPS from a $0.20 loss and raise FY 25’s EPS to $8.25 from $7.28. MU posts Feb-Q EPS of $0.42 vs. -$1.91, beating the $0.24 consensus loss view. Sales rose 23% from Nov-Q, above expectations, led by +21% DRAM growth and +27% for NAND. Gross margin of 20% and 26.5% May-Q guide are well ahead of our view, as MU benefits from a strong pricing recovery and favorable mix. We think customer inventories have dramatically improved and see greater earnings leverage in this cycle, while capex outlook remains unchanged, supporting a tighter supply/demand landscape. Along

Baird analyst Tristan Gerra maintains Micron Technology (NASDAQ:MU) with a Neutral and raises the price target from $78 to $115.