Micron Technology (MU) Tops Q2 EPS by 4c

(Updated - March 30, 2016 4:05 PM EDT)

Micron Technology (NASDAQ: MU) reported Q2 EPS of ($0.05), $0.04 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $2.93 billion versus the consensus estimate of $3.05 billion.

"Although we continue to navigate challenging market conditions, we are on track with deploying our advanced DRAM and NAND technologies and improving our cost structure," said Micron CEO Mark Durcan. "As a result, we expect to significantly improve our competitive position as we move through the second half of 2016 and beyond."

Revenues for the second quarter of fiscal 2016 were lower compared to the first quarter of fiscal 2016 primarily due to approximate 10 percent declines in both DRAM average selling prices and sales volume. Non-Volatile trade revenues for the second quarter of fiscal 2016 declined 6 percent compared to the first quarter primarily as a result of an approximate 15 percent decline in average selling prices partially offset by an increase in sales volume. The company's overall consolidated gross margin of 20 percent for the second quarter of fiscal 2016 was 5 percent lower compared to the first quarter of fiscal 2016 primarily due to lower average selling prices partially offset by manufacturing cost reductions for Non-Volatile products.

Investments in capital expenditures for the second quarter of fiscal 2016 were $1.23 billion. The company ended the second quarter of fiscal 2016 with cash and marketable investments of $5.14 billion.

Guidance:

Micron sees Q3 revenue of $2.8 - $3.1 billion and adjusted loss of $0.05 - $0.12 per share. The consensus sees Q3 revenue of $3.2 billion and EPS of $0.04.

For earnings history and earnings-related data on Micron Technology (MU) click here.

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