The 10-second takeaway
For the quarter ended Nov. 29 (Q1), Micron Technology missed estimates on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue contracted and GAAP loss per share grew.
Margins contracted across the board.
Micron Technology booked revenue of $1.83 billion. The 27 analysts polled by S&P Capital IQ wanted to see a top line of $2.01 billion on the same basis. GAAP reported sales were 12% lower than the prior-year quarter's $2.09 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at -$0.27. The 27 earnings estimates compiled by S&P Capital IQ forecast -$0.20 per share. GAAP EPS were -$0.27 for Q1 against -$0.19 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 11.8%, 280 basis points worse than the prior-year quarter. Operating margin was -8.6%, 530 basis points worse than the prior-year quarter. Net margin was -15.0%, 610 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $2.04 billion. On the bottom line, the average EPS estimate is -$0.11.
Next year's average estimate for revenue is $8.63 billion. The average EPS estimate is -$0.29.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,154 members out of 1,279 rating the stock outperform, and 125 members rating it underperform. Among 215 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 190 give Micron Technology a green thumbs-up, and 25 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Micron Technology is outperform, with an average price target of $8.91.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.