Micron: fiscal 1Q earnings snapshot meets Wall Street expectations

Micron Technology Inc. on Wednesday reported fiscal first-quarter earnings of $491 million.

The Boise, Idaho-based company said it had net income of 43 cents per share. Earnings, adjusted for one-time gains and costs, came to 48 cents per share.

The results met Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of 48 cents per share.

The chipmaker posted revenue of $5.14 billion in the period, exceeding Street forecasts. Seven analysts surveyed by Zacks expected $5.03 billion.

For the current quarter ending in March, Micron expects its per-share earnings to range from 29 cents to 41 cents.

The company said it expects revenue in the range of $4.5 billion to $4.8 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $4.82 billion.

Micron shares have climbed 67% since the beginning of the year, while the Standard & Poor’s 500 index has risen 27%. In the final minutes of trading on Wednesday, shares hit $53.04, a climb of 55% in the last 12 months.