Micron Technology (MU) Tops Q3 EPS by 11c, Q4 Guidance Tops Consensus

June 29, 2017 4:00 PM EDT

(Updated - June 29, 2017 4:08 PM EDT)

Micron Technology (NASDAQ: MU) reported Q3 EPS of $1.62, $0.11 better than the analyst estimate of $1.51. Revenue for the quarter came in at $5.57 billion versus the consensus estimate of $5.41 billion.

"Micron delivered strong operational performance in the third quarter with free cash flow nearly double last quarter, which enabled us to retire $1 billion in debt. Our results reflect solid execution of our cost reduction plans and ongoing favorable industry supply and demand dynamics," said Micron President and CEO Sanjay Mehrotra. "The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron. We are focused on positioning the company to realize these opportunities by investing in technology and products while also strengthening our balance sheet."

Micron sees Q4 EPS of $1.73-$1.87 vs consensus of $1.57 and revenue of $5.70-$6.10 billion vs $5.63 billion)

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

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