Micron earnings beat Wall Street expectations

BOISE, Idaho (AP) — Micron Technology Inc. (MU) on Wednesday reported fiscal third-quarter earnings of $1.89 billion.

The Boise, Idaho-based company said it had profit of $1.68 per share. Earnings, adjusted for one-time gains and costs, came to $1.91 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.

The chipmaker posted revenue of $9.3 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $8.84 billion.

For the current quarter ending in August, Micron expects its per-share earnings to range from $2.35 to $2.65.

The company said it expects revenue in the range of $10.4 billion to $11 billion for the fiscal fourth quarter.

Micron recently announced it is building a second fabrication facility at its Boise headquarters and additional facilities and upgrades to sites in New York and Virginia.

In a recent announcement, Micron stated it would “expand its U.S. investments to approximately $150 billion in domestic memory manufacturing and $50 billion in [research and development], creating an estimated 90,000 direct and indirect jobs.”

The company said it plans to invest an additional $30 billion extra for building the second fab plant in Boise, expand its existing manufacturing facility in Manassas, Virginia, and bring packaging capabilities to the U.S.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on MU at https://www.zacks.com/ap/MU. IBR staff contributed to this report.