Micron Technology's 3Q Results, 4Q Guidance Beat Projections -- Earnings Review
June 29 2020 - 4:47PM
Dow Jones News
By Maria Armental
Micron Technology Inc., one of the world's largest memory chip
makers, on Monday reported better-than-expected third-quarter
financial results, showing the company's business is weathering the
coronavirus pandemic. Here's what you need to know.
PROFIT: Net income fell to $803 million, or 71 cents a share,
from $840 million, or 74 cents a share, a year earlier. On an
adjusted basis, profit fell to 82 cents a share from $1.05 a share
a year earlier. The company had projected a profit of 61 cents to
66 cents a share, or 75 cents to 80 cents a share on an adjusted
basis, while analysts surveyed by FactSet recently projected 64
cents a share, or 75 cents a share as adjusted.
REVENUE: Revenue rose to $5.44 billion from $4.79 billion a year
earlier. Micron projected $5.2 billion to $5.4 billion, while
analysts recently projected $5.27 billion.
OUTLOOK: This quarter, Micron expects profit around 88 cents a
share, or $1.05 a share on an adjusted basis, plus or minus 10
cents. It forecast $5.75 billion to $6.25 billion in revenue.
Analysts projected 71 cents a share, or 79 cents a share as
adjusted, on $5.46 billion in revenue.
PANDEMIC: Company officials have cited short-term challenges
from the pandemic, including lower smartphone demand and in the
automobile market, but said long-term trends remain strong. On
Monday, Chief Executive Sanjay Mehrotra pointed to the company's
financial performance despite challenges and said: "We are ramping
the industry's most advanced DRAM technology into production and
have delivered more than 75% of our NAND volume as high-value
solutions, supported by record SSD revenue in the quarter. Our
portfolio momentum positions us exceedingly well to leverage the
long-term growth across our end markets."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
June 29, 2020 16:32 ET (20:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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