Micron Technology (MU) Misses Q3 EPS by 2c
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Micron Technology (Nasdaq: MU) reported Q3 EPS of $0.54, $0.02 worse than the analyst estimate of $0.56. Revenue for the quarter came in at $3.85 billion versus the consensus estimate of $3.9 billion.
"In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector," stated D. Mark Durcan, Chief Executive Officer. "We remain focused on the long term as we continue to deploy advanced process technology to enable leading-edge products and drive manufacturing efficiency."
Revenues for the third quarter of fiscal 2015 were 8 percent lower compared to the second quarter of fiscal 2015 primarily due to a 10 percent decline in DRAM average selling prices and relatively flat DRAM sales volume. The company's overall consolidated gross margin of 31 percent for the third quarter of fiscal 2015 was down 3 percent compared to the second quarter of fiscal 2015 primarily due to lower average selling prices for DRAM, partially offset by lower manufacturing costs.
Investments in capital expenditures were $734 million for the third quarter of fiscal 2015. The company ended the third quarter of fiscal 2015 with cash and marketable investments of $7.33 billion.
For earnings history and earnings-related data on Micron Technology (MU) click here.
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