Micron: Fiscal Q3 earnings snapshot

BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on June 30 reported fiscal third-quarter profit of $1.74 billion.

On a per-share basis, the Boise, Idaho-based company said it had profit of $1.52. Earnings, adjusted for one-time gains and costs, came to $1.88 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.

The chipmaker posted revenue of $7.42 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $7.21 billion.

For the current quarter ending in August, Micron expects its per-share earnings to range from $2.20 to $2.40. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.13.

The company said it expects revenue in the range of $8 billion to $8.4 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $7.95 billion.

Micron shares have risen 13% since the beginning of the year, while the S&P’s 500 index has climbed 14%. In the final minutes of trading on Wednesday, shares hit $84.77, an increase of 65% in the last 12 months.
_____
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