Micron Sees Q3 Adj. EPS $0.38-$0.52 Vs $0.20 Est., Revenue $6.4B-$6.8B Vs $6B Est.
Micron Sees Q3 Adj. EPS $0.38-$0.52 Vs $0.20 Est., Revenue $6.4B-$6.8B Vs $6B Est. Read Post »
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 Technology, Inc. Reports Results for the Second Quarter of Fiscal 2024 Read Post »
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
Boeing CFO Brian West spoke about quality manufacturing practices, company supplier Spirit AeroSystems, and cash flow with investors at a BofA Securities conference Wednesday morning. It wasn’t clear that investors liked what they heard. Boeing shares dipped initially but then recovered as investors considered what comments meant for cash flow in 2024 and in the coming years. While Boeing stock was down about 2% in premarket trading, it rebounded early and shares closed at $187.78, up 3.7%. The S&P 500 and Nasdaq Composite rose 0.9% and 1.3%, respectively, boosted by Federal Reserve documents that show the central bank still plans to cut interest rates sometime in 2024. BofA analyst Ron Epstein led the discussion, asking questions on the minds of all investors — particularly about production quality — in the aftermath of the Jan. 5 emergency door plug blowout on a 737 MAX 9 jet operated by Alaska Air. Missing
Boeing’s CFO Hammers Hopes for Cash Flow. The Stock Is Up. — Barrons.com Read Post »
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
CFRA Maintains Buy Opinion On Shares Of Micron Technology, Inc. Read Post »
Boeing CFO Said Made Decision To Constrain 737 Production Below 38 Per Month; Says 737 Production Constraint Is Going To Impact Revenue, Earnings And Cash Flow For Year And Quarter -BofA Securities Global Industrials Conference
Boeing CFO Said Made Decision To Constrain 737 Production Below 38 Per Month Read Post »
Barclays analyst Brian Morton initiates coverage on Royal Bank of Canada (TSX:RY) with a Equal-Weight rating and announces Price Target of C$145.
Wells Fargo analyst Mike Mayo maintains JPMorgan Chase (NYSE:JPM) with a Overweight and raises the price target from $200 to $220.
Wells Fargo analyst Mike Mayo maintains JPMorgan Chase (NYSE:JPM) with a Overweight Read Post »
Boeing believes a takeover of Spirit AeroSystems is best for safety and would fund a potential deal with cash and debt rather than stock, Chief Financial Officer Brian West told analysts at the Bank of America Global Industrials Conference. West says Boeing is committed to protecting its investment-grade debt rating. “Boeing, more than 20 years ago, probably got a little too far ahead of itself on the topic of outsourcing,” West says. “We believe, and Spirit believes, that reintegrating these two companies is what’s best for safety and for quality for the aerospace industry.” Shares fall almost 3% in premarket trading.
Boeing CFO Says Spirit AeroSystems Deal Is Good For Safety; Would Use Cash, Debt Read Post »
Wells Fargo analyst Daniel Politzer maintains Hilton Worldwide Holdings (NYSE:HLT) with a Equal-Weight and raises the price target from $196 to $200.
Shares of General Mills Inc. (GIS) jumped 3.2% toward a seven-month high in premarket trading Wednesday, after the consumer-foods company reported fiscal third-quarter profit that rose above expectations, as price increases and cost savings helped offset volume declines. Net income for the quarter to Feb. 25 rose to $670.1 million, or $1.17 a share, from $553.1 million, or 92 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of $1.05. Sales slipped 0.5% to $5.10 billion, but were above the FactSet consensus of $4.97 billion, as sales declined for its pet and international businesses, was flat for North America retail and edged up for North America foodservice. Gross margin improved by one percentage point to 33.5%. For the full fiscal year, the company affirmed its guidance ranges for adjusted EPS growth, excluding the impacts of currency translation, of 4% to