Micron Technology (MU) Tops Q1 EPS by 1c, Q2 EPS Guidance Misses Consensus
Micron Technology (NASDAQ: MU) reported Q1 EPS of $0.48, $0.01 better than the analyst estimate of $0.47. Revenue for the quarter came in at $5.14 billion versus the consensus estimate of $5.01 billion.
"Micron posted solid first quarter results, delivering good profitability and positive free cash flow. With our strong execution and improving industry conditions, we are optimistic that Micron's fiscal second quarter will be the cyclical bottom for our financial performance," said Micron Technology President and CEO Sanjay Mehrotra. "Our significantly improved competitive position, dramatically stronger product portfolio, structurally higher profitability and investment-grade balance sheet position Micron very well to drive long-term shareholder value."
GUIDANCE:
Micron Technology sees Q2 2020 EPS of $0.35 at mid-point, versus the consensus of $0.41. Micron Technology sees Q2 2020 revenue of $4.5-4.8 billion, versus the consensus of $4.78 billion.
| FQ2-20 | GAAP (1) Outlook | Non-GAAP (2) Outlook |
| Revenue | $4.5 billion - $4.8 billion | $4.5 billion - $4.8 billion |
| Gross margin | 26% ± 1.5% | 27% ± 1.5% |
| Operating expenses | $878 million ± $25 million | $825 million ± $25 million |
| Interest (income) expense, net | $5 million | $0 million |
| Diluted earnings per share | $0.25 ± $0.06 | $0.35 ± $0.06 |
For earnings history and earnings-related data on Micron Technology (MU) click here.