Abhoy Sarkar's Avatar
published in Blogs
Mar 21, 2019

Micron (MU, $43.67) climbs on fiscal Q2 beat and chip demand rebound forecast

Micron Technology beat fiscal second quarter earnings expectations, leading to a +6.9% jump in its stock price on Thursday.

The semiconductor company raked in adjusted non-GAAP earnings of $1.71 per share, surpassing analysts’ estimates by 4 cents (based on Refinitiv IBES data). Still, the earnings per share was -40% lower from the year-ago quarter.

Group revenues for the quarter declined -20.55% year-over-year to $5.84 billion, but managed to exceed analysts’ estimate of $5.82 billion.

The company generated $1 billion of free cash flow.

As part of its $10 billion stock buyback program, Micron repurchased 21 million shares of its common stock for $702 million during the quarter.

For the full-fiscal year 2019, Micron predicts that revenue would be in the range of $4.6 billion and $5 billion – which is lower compared to analysts’ expectations of $5.3 billion (according to IBES data from Refinitiv). 

The company is planning to trim capital expenditures to $9 billion for the 2019 fiscal year, from its previous expectation of $9 billion-$9.5 billion range. Micron’s latest results and plans have come amidst a global shortage in demand for chips, owing to softening sales of smartphone and patchy frequency of purchases from cloud-computing businesses. Chief Executive Sanjay Mehrotra emphasized that Micron has been able to deliver profits despite the rocky situation facing the semiconductor industry. Also, Micron seems hopeful that demand would  begin to pick up by its fourth quarter.

 

 

 

 

Related Tickers: MU
Related Portfolios: Industry focus - Semiconductor stocks,SEMICONDUCTOR EQUIPMENT & MATERIALS
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