Market Overview

CORRECTION: Micron Falls After Confusion on Better-Than-Expected Q4 Results (MU)

Micron Technology (NASDAQ: MU) closed up 1.49 percent Thursday afternoon.

After reporting its fourth-quarter results, the company has fallen more than one percent in after hours trading.

The company reported a Q4 GAAP EPS of $0.20 versus Street estimate of $0.24. In the company's official release, Micron noted a $1.484 billion, or $1.31 per share, gain related to the acquisition and results of Elpida. On the conference call, CFO Ronald Foster reported the fully-adjusted number as $0.29 per share.

Revenue came in at $2.8 billion versus the Street estimate of $2.7 billion.

Sales were up 43 percent year-over-year.

"Micron is executing well on multiple fronts with the successful integration of Elpida and ongoing steady development of advanced memory solutions, including our hybrid memory cube that began sampling with key customers this quarter and our second generation family of PCIe enterprise SSD's which recently qualified at a major OEM," Micron CEO Mark Durcan said in a company release. "Our product portfolio and systems solutions position us well to compete in the current favorable market environment."

Over the past few months, analysts have had a bullish view of Micron's future. Wedbush is among the analysts that have raised their Price Targets on the stock.

Their support has been tied directly to Micron's impeccable (if not surprising) increase. Shares of the chip manufacturer have soared more than 173 percent this year alone.

Micron and SanDisk (NASDAQ: SNDK) were particularly appealing to investors after SK Hynix (OTC: HXSCL) encountered a fire at one of its fabrication plants in China.

On October 8 Micron announced that it had appointed Tom Snodgrass as VP of System Solutions.

"We are excited to have Tom join the management team at Micron," Micron President Mark Adams said in a company release. "Given his strong industry experience, he will bring a unique perspective to our systems-level focus serving the enterprise market."

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.

Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ

Posted-In: Mark Adams Mark Durcan Micron Technology Tom SnodgrassEarnings News Tech

 

Related Articles (MU + HXSCL)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters