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Micron Technology Inc Shares Rise on Second-Quarter Earnings Surprise

Image source: Micron Technology.

Micron Technology (NASDAQ: MU  ) just reported results for the second quarter of its 2014 fiscal year. Shares rose 0.7% in after-hours trading.

Total revenues nearly doubled from the year-ago period to $4.1 billion thanks to the acquisition of bankrupt memory rival Elpida last July. Adjusted earnings per share rose from a $0.28 year-ago loss per share to $0.85 of positive EPS. Compared to the first quarter, earnings increased 10% on 2% higher sales.

Analysts were looking for earnings near $0.76 per share on $4 billion in sales.

NAND Flash memory revenues jumped 11% higher from first-quarter levels, driven by 35% higher volume but 18% lower prices per unit. DRAM memory chips stayed stable in both volume and price.

Free cash flows landed at 0.8 billion, up from negative $100 million in the 2013 quarter, and down from $1 billion in the first quarter.

Micron shares have surged 140% higher over the last year, including a 14% gain in the three months leading up to this report. Including the new second-quarter results, Micron stock now trades at 14.5 times trailing earnings.

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Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On April 04, 2014, at 12:29 PM, DennisStork wrote:

    What is wrong with this picture? Earning come in 15% over expectations and the price is of Micron is down 2%. I suspect it is getting clobbered with the tech sector.

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Anders Bylund
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Anders Bylund is a Foolish Technology and Entertainment Specialist. Where the two markets intersect, you'll find his wheelhouse. He has been an official Fool since 2006 but a jester all his life.

Hypoallergenic. Contains six flavors not found in nature. Believes in coyotes and time as an abstract.

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