This afternoon Micron Technology Inc. reported its third quarter earnings for its fiscal year that ended on May 31, 2018. Overall the numbers look good with no real surprises to the good or bad. The company’s stock has recovered from the dip it took through this quarter and ended where it began but is still flirting with a ten year high.
This afternoon Micron Technology Inc. reported its third quarter earnings for its fiscal year that ended on May 31, 2018. Overall the numbers look good with no real surprises to the good or bad. The company’s stock has recovered from the dip it took through this quarter and ended where it began but is still flirting with a ten year high.
Looking at the numbers for the quarter, Micron is reporting revenue of $7.8 billion, up 40% from the same time last year ($5.57 billion) and up from last quarter’s $7.35 billion. Net income is reported as $3.82 billion GAAP or $3.10 diluted earnings per share (EPS) and $3.9 billion non-GAAP or $3.15 diluted EPS. A modest improvement over last quarter’s $3.39 billion GAAP and $3.5 billion non-GAAP. Operating cash flow for this quarter was $4.26 billion, ended the quarter with a net cash positive position. Gross margin is reported as 60.6% GAAP and 60.9% non-GAAP.
As far as what is making money for the company, DRAM is still comfortably the biggest money maker, holding steady at 71% of revenue. Micron is also rolling out lower-cost 64-Layer 3D NAND that should see a little bump in revenue for the company. While revenue is up, shipment quantities are relatively flat for both DRAM and NAND.
Looking to the future, the company is expecting revenue in the range of $8-$8.4 billion next quarter. Gross margin is expected to fall between 59%-62%. And Micron is expecting diluted EPS of roughly $3.30.
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