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Commentary
The big news last week was Micron Technology’s (MU) earnings announcement on Wednesday, marking the grand finale to a stunning earnings announcement season. According to Earnings Insight from FactSet, year-over-year earnings for the S&P grew by 23.1%, the second straight 20%+ quarterly earnings surge.
Micron’s revenues rose 345.8% to $41.46 billion (vs. $9.3 billion in the same quarter a year ago), and in the same period, earnings soared by an astronomical 1,368% to $28.24 billion or $24.67 per share (vs. 1.89 billion or $1.68 per share last year). Excluding extraordinary items, Micron’s operating earnings were $25.11 per share. The analyst community was expecting revenue of $35.25 billion and operating earnings of $20.28 per share, so Micron Technology posted a 17.6% revenue surprise and a 23.8% earnings surprise. The company also raised its quarterly guidance to between $49 billion and $51 billion in revenue, substantially higher than the analysts’ consensus estimate of $43.2 billion. The stock is up 300% so far this year, but last Friday’s Barron’s said Micron “Could Still Double from Here.”…
The big news last week was Micron Technology’s (MU) earnings announcement on Wednesday, marking the grand finale to a stunning earnings announcement season. According to Earnings Insight from FactSet, year-over-year earnings for the S&P grew by 23.1%, the second straight 20%+ quarterly earnings surge.
Micron’s revenues rose 345.8% to $41.46 billion (vs. $9.3 billion in the same quarter a year ago), and in the same period, earnings soared by an astronomical 1,368% to $28.24 billion or $24.67 per share (vs. 1.89 billion or $1.68 per share last year). Excluding extraordinary items, Micron’s operating earnings were $25.11 per share. The analyst community was expecting revenue of $35.25 billion and operating earnings of $20.28 per share, so Micron Technology posted a 17.6% revenue surprise and a 23.8% earnings surprise. The company also raised its quarterly guidance to between $49 billion and $51 billion in revenue, substantially higher than the analysts’ consensus estimate of $43.2 billion. The stock is up 300% so far this year, but last Friday’s Barron’s said Micron “Could Still Double from Here.”…
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