Micron Beats Fourth Quarter Profit Estimates; Shares Fall - TheStreet

Micron Beats Fourth Quarter Profit Estimates; Shares Fall

Micron Technology reported that its fiscal-fourth-quarter net income nearly doubled from a year earlier.
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Micron Technology  (MU) - Get Report after the bell Tuesday reported non-GAAP fiscal-fourth-quarter income of $1.23 billion, or $1.08 a share, on revenue of $6.06 billion. 

The Boise, Idaho, chipmaker had been expected to report adjusted net income of $1.1 billion, or 98 cents a share, on sales of $5.9 billion, based on a FactSet survey of 28 analysts. 

In the year-earlier fourth quarter, the company earned 56 cents a share on sales of $4.9 billion. It reported net income of $840 million.

The stock has risen 1.4% since the company last reported earnings on June 29.

Micron offered fiscal first-quarter guidance for non-GAAP earnings between $800 million and $850 million, or 40 cents to 54 cents a share, on revenue between $5 billion and $5.4 billion. 

Heading into the earnings report, analysts were forecasting adjusted net income of $818.7 million, or 69 cents a share, on sales of $5.3 billion.

Shares of Micron at last check after hours were off 1.6% at $49.88. They'd gained 2% in the regular session. 

Elsewhere, chip stocks were mixed Tuesday.

The Philadelphia Semiconductor Index rose 4.88 points to 2,242.52. Among notable companies in the sector, 19 rose while 10 fell.

AMD  (AMD) - Get Report shares rose $2.52, or 3.2%, to $82.00.

Entegris  (ENTG) - Get Report shares rose $2.03, or 2.8%, to $73.43.

Among laggards, Marvell  (MRVL) - Get Report shares fell 1% to $39.49.

Silicon Motion ADRs  (SIMO) - Get Report fell 0.7%, to $38.87.

The Nasdaq Composite Index fell 32.28 points, or 0.29%, to 11,085.25.

Twenty-five chip stocks outperformed the Nasdaq composite index while 4 lagged. The Invesco QQQ ETF fell 0.93, or 0.33%, to 276.28.

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