Micron Technology Inc Shares Rise on Second-Quarter Earnings Surprise
Micron Technology just reported results for the second quarter of its 2014 fiscal year. Shares rose 0.7% in after-hours trading.
Total revenues nearly doubled from the year-ago period to $4.1 billion thanks to the acquisition of bankrupt memory rival Elpida last July. Adjusted earnings per share rose from a $0.28 year-ago loss per share to $0.85 of positive EPS. Compared to the first quarter, earnings increased 10% on 2% higher sales.
Analysts were looking for earnings near $0.76 per share on $4 billion in sales.
NAND Flash memory revenues jumped 11% higher from first-quarter levels, driven by 35% higher volume but 18% lower prices per unit. DRAM memory chips stayed stable in both volume and price.
Free cash flows landed at 0.8 billion, up from negative $100 million in the 2013 quarter, and down from $1 billion in the first quarter.
Micron shares have surged 140% higher over the last year, including a 14% gain in the three months leading up to this report. Including the new second-quarter results, Micron stock now trades at 14.5 times trailing earnings.
The article Micron Technology Inc Shares Rise on Second-Quarter Earnings Surprise originally appeared on Fool.com.Anders Bylund owns shares of Micron Technology. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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