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Micron: Fiscal 4Q Earnings Snapshot

·1 min read

BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Tuesday reported fiscal fourth-quarter profit of $988 million.

The Boise, Idaho-based company said it had net income of 87 cents per share. Earnings, adjusted for pretax expenses and stock option expense, came to $1.08 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1 per share.

The chipmaker posted revenue of $6.06 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $5.91 billion.

For the year, the company reported profit of $2.69 billion, or $2.37 per share. Revenue was reported as $21.44 billion.

For the current quarter ending in December, Micron expects its per-share earnings to range from 40 cents to 54 cents.

The company said it expects revenue in the range of $5 billion to $5.4 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $5.57 billion.

Micron shares have dropped roughly 6% since the beginning of the year, while the Standard & Poor's 500 index has climbed 3%. In the final minutes of trading on Tuesday, shares hit $50.71, an increase of 18% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MU at https://www.zacks.com/ap/MU