Micron Sinks After Earnings

Micron Technology, Inc. (NASDAQ: MU) is reporting for the quarter ending August 31, 2016. The semiconductor company’s consensus earnings per share forecast from the 4 analysts that follow the stock is $-0.10. This value represents a 127.03% decrease compared to the same quarter last year. In the past year MU has met analyst expectations once and beat the expectations the other two quarters. Zacks Investment Research reports that the Price to Earnings ratio for MU is 0.00 vs. an industry ratio of -5319.00, implying that they will have a higher earnings growth than their competitors in the same industry as reported by NASDAQ.

“We are seeing improving market conditions in terms of both slowing supply growth and improving demand across a number of key segments,” said Micron CEO Mark Durcan. “In addition, we continue to execute on our key initiatives related to the deployment of advanced technologies and products to advantage our customers.”

GAAP Income and Per Share Data — On a GAAP basis, net loss attributable to Micron shareholders for the fourth quarter of fiscal 2016 was $170 million, or ($0.16) per diluted share, compared to a net loss of $215 million, or ($0.21) per diluted share, for the third quarter of fiscal 2016 and net income of $471 million, or $0.42 per diluted share, for the fourth quarter of fiscal 2015.

Non-GAAP Income and Per Share Data — On a non-GAAP basis, net loss attributable to Micron shareholders for the fourth quarter of fiscal 2016 was $56 million, or ($0.05) per diluted share, compared to a net loss of $79 million, or ($.08) per diluted share, for the third quarter of fiscal 2016 and net income of $399 million, or $0.37 per diluted share, for the fourth quarter of fiscal 2015. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

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