Micron Technology Q1 Profit Beats Street View

(RTTNews) - Micron Technology Inc. (MU) Thursday reported a profit for the first quarter that trumped Wall Street estimates, as did revenues. Looking forward, the technology company issued an outlook for the second quarter above current estimates.

Boise, Idaho-based Micron's first-quarter profit rose to $803 million or $0.71 per share from $491 Million or $0.43 per share last year.

On an adjusted basis, earnings rose to $0.78 per share from $0.48 per share last year. On average, 24 analysts polled by Thomson Reuters estimate earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter rose to $5.77 billion from $5.14 billion last year. Analysts had a consensus revenue estimate of $5.73 billion for the quarter.

Gross margin for the quarter rose to 30.1 percent from 26.6 percent last year.

"Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand," said Micron Technology President and CEO Sanjay Mehrotra. "We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge."

Moving ahead, Micron expects second-quarter revenues of $5.8 billion, plus or minus $200 million, and adjusted earnings of $0.75 per share, plus or minus $0.07. Analysts currently estimate earnings of $0.63 per share and revenues of $5.5 billion.

MU closed Thursday's trading at $79.11, up $2.00 or 2.59%, on the Nasdaq. The stock further gained $0.99 or 1.25% in the after-hours trade.