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Micron reports $803M third quarter profit, exceeds Wall Street expectations

The chipmaker posted revenue of $5.44 billion in the period, which also beat Street forecasts.
Credit: KTVB File

BOISE, Idaho — Micron Technology Inc. (MU) on Monday reported fiscal third-quarter profit of $803 million.

The Boise, Idaho-based company said it had profit of 71 cents per share. Earnings, adjusted for stock option expense and pre-tax expenses, came to 82 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.

The chipmaker posted revenue of $5.44 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $5.32 billion.

For the current quarter ending in August, Micron expects its per-share earnings to range from 95 cents to $1.15.

The company said it expects revenue in the range of $5.75 billion to $6.25 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $5.43 billion.

Micron shares have fallen almost 9% since the beginning of the year, while the Standard & Poor's 500 index has declined roughly 6%. In the final minutes of trading on Monday, shares hit $49.10, a climb of 29% in the last 12 months.

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