Micron Exceeds Q3 Estimates with $0.62 EPS, $6.81B Revenue; Stock Falls 8.68% on Q4 Guidance

Jun 26, 2024, 08:03 PM

Micron Technology Inc. (MU) reported its third-quarter earnings, showing strong performance that exceeded market expectations. The company posted an adjusted EPS of $0.62, surpassing the estimated $0.50. Revenue for the quarter reached $6.81 billion, beating the forecasted $6.67 billion. GAAP net income was $332 million, or $0.30 per diluted share, while non-GAAP net income was $702 million, or $0.62 per diluted share. Operating cash flow for the quarter was $2.48 billion. Despite these positive results, Micron's stock fell by 8.68% in after-hours trading, likely due to concerns over its guidance for the fourth quarter. Micron projects Q4 adjusted EPS to be between $1.00 and $1.16, with revenue expected to range from $7.4 billion to $7.8 billion, slightly above the consensus estimates of $1.02 EPS and $7.58 billion in revenue. The company's performance reflects a significant year-over-year improvement, with revenue up 77.9% compared to the same quarter last year. Micron's market cap stands at $157.19 billion, and its P/E ratio is 26.59.