Earnings Preview: Micron Technology
Shares of Boise, Idaho-based chipmaker Micron Technology (NYSE: MU) have been surging into the company's second-quarter earnings report, which is scheduled for March 21.
Year-to-date, the stock has risen nearly 45 percent, but Micron is only up four percent over the last year after a tough 2012.
Heading into the report, Wall Street analysts have consensus EPS estimates calling for a loss of $0.20 per share, versus a loss of $0.29 per share, in the year ago period. The high estimate on the Street calls for a profit of $0.03 per share while the low estimate is for a loss of $0.29 per share.
The consensus sales estimate for the second-quarter is $1.91 billion. represents a year over year sales decline of 4.70 percent when the company reported sales of $2.01 billion. The high estimate is $2.12 billion with a low estimate of $1.82 billion.
Over the last 90 days, consensus estimates for Q2 have gone from a loss of $0.11 to a loss of $0.20. Estimates for the third-quarter have gone from a loss of $0.03 per share to a loss of $0.07 per share. Despite the declining estimates for the company, the stock has soared around 37 percent over the last 3 months.
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