Micron Technology Q3 Profit Increases, beats estimates

(RTTNews) - Micron Technology (MU) announced earnings for its third quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $2.63 billion, or $2.34 per share. This compares with $1.74 billion, or $1.52 per share, in last year's third quarter.

Excluding items, Micron Technology reported adjusted earnings of $2.94 billion or $2.59 per share for the period.

Analysts on average had expected the company to earn $2.44 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 16.4% to $8.64 billion from $7.42 billion last year.

Micron Technology earnings at a glance (GAAP) :

-Earnings (Q3): $2.63 Bln. vs. $1.74 Bln. last year. -EPS (Q3): $2.34 vs. $1.52 last year. -Analyst Estimate: $2.44 -Revenue (Q3): $8.64 Bln vs. $7.42 Bln last year.

-Guidance: Next quarter EPS guidance: Adj: $1.43 - $1.83 Next quarter revenue guidance: $6.8 - $7.6 Bln