Memory-chip maker Micron Technology late Tuesday easily beat Wall Street's targets for its fiscal second quarter and guided higher for the current period. MU stock rose in extended trading.
The Boise, Idaho-based company earned an adjusted $2.14 a share on sales of $7.79 billion in the quarter ended March 3. Analysts expected Micron earnings of $1.98 a share on sales of $7.53 billion, according to FactSet. On a year-over-year basis, Micron earnings soared 118% while sales climbed 25%.
It was the company's fifth straight quarter of triple-digit percentage gains in earnings per share.
For the current quarter, Micron predicted adjusted earnings of $2.46 a share on sales of $8.7 billion. That would translate to year-over-year growth of 31% in earnings and 17% in sales. Wall Street had projected earnings of $2.24 a share on sales of $8.13 billion for Micron's fiscal third quarter.
MU Stock Climbs After Report
"Micron's excellent second-quarter results exceeded the high end of our guidance for both revenue and margin, reflecting our strong execution," Chief Executive Sanjay Mehrotra said in a news release.
He added, "We're leading the industry in technology across DRAM and Nand (memory chips), and our product portfolio momentum is accelerating."
In after-hours trading on the stock market today, MU stock climbed 3.4%, near 84.80. During the regular session Tuesday, MU stock rose 2.7% to close at 82.05.
MU stock has been consolidating for the past 12 weeks around a buy point of 98.55, according to IBD MarketSmith charts.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
