Micron reports improving results in quarterly earnings release

Micron Technology Inc. has released results for the first fiscal quarter of 2017, ending December 1st, 2016.

"Positive market momentum, driven by favorable demand trends and limited industry supply, produced solid results for our first quarter," said Micron CEO Mark Durcan. "We continue to make significant progress on our key technology and product initiatives, and we are pleased to have closed the Inotera acquisition on December 6, 2016, which we expect to further improve Micron's strategic position and financial results."

Financial Performance

Net sales made by Micron Technology Inc. in the first quarter of 2017 totalled $3.97 billion, up from $3.35 billion in the first quarter of 2016.

GAAP net income attributable to Micron shareholders for the first quarter of fiscal 2017 was $180 million, compared with net income of $206 million for the first quarter of 2016.

GAAP earnings per share (EPS) was $0.16 per diluted share, versus $0.19 per diluted share in the first quarter of fiscal 2016.

Non-GAAP net income attributable to Micron shareholders for the first quarter of fiscal 2017 was $335 million, up from $299 million in the same period of 2016.

Non-GAAP earnings per share (EPS) for quarter was $0.29 per diluted share, versus $0.32 for the first quarter of fiscal 2016.

Operating income for the quarter totalled $359 million, up from $232 million in the same period of last year.

The Stock Market

As of 08:00 GMT on February 13 2017, Micron Technology Inc. stock (NASDAQ: MU) is trading at 24.05 USD per share after a decline of 1.64%. The highest weekly close was 24.76 USD.

Micron Technology Inc. stock has risen rapidly since January 23rd 2017. Experts at GSI Markets expect this will remain high but smooth out over the next few weeks. Speak to an expert CFD trader at GSI Markets before trading Micron stock.