Micron Technology Inc (NASDAQ:MU) reported financial results for the third quarter after the market close on Wednesday. Here's a rundown of the report.
Micron Q3 Earnings: Micron reported third-quarter revenue of $6.81 billion, beating the consensus estimate of $6.634 billion. The company reported adjusted earnings of 62 cents per share, beating analyst estimates of 49 cents per share.
Micron has now exceeded analyst estimates on the top and bottom lines in five straight quarters, according to data from Benzinga Pro.
Operating cash flow came in at $2.48 billion versus $1.22 billion in the prior quarter and $24 million in the comparable quarter last year. Adjusted free cash flow was $425 million in the quarter. The company ended the quarter with $9.22 billion in cash, marketable securities and restricted cash.
"Robust AI demand and strong execution enabled Micron to drive 17% sequential revenue growth, exceeding our guidance range in fiscal Q3," said Sanjay Mehrotra, president and CEO of Micron.
"We are gaining share in high-margin products like High Bandwidth Memory (HBM), and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND. We are excited about the expanding AI-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025."
Micron also noted that its board declared a quarterly dividend of $0.115 per share, payable on July 23 to shareholders of record as of July 8.
Micron Outlook: Micron anticipates fourth-quarter revenue of $7.6 billion, plus or minus $200 million, versus estimates of $7.6 billion. The company expects fourth-quarter adjusted earnings to be between $1 and $1.16 per share versus estimates of $1.05 per share.
Management will hold a conference call to discuss Micron's quarterly results at 4:30 p.m. ET.
MU Price Action: Micron stock was up more than 65% year-to-date heading into the print. At the time of publication, Micron shares were down 7.28% at $132.49 in after-hours trading, according to Benzinga Pro.
Photo: courtesy of Micron.