What Jim Cramer Liked About Micron Earnings

Jim Cramer has some thoughts on Micron's earnings.
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Micron 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.

Raymond James analyst Chris Caso wrote in a note to clients that "November-quarter sales are guided to $5.2 billion, down 14% [sequentially] but roughly consistent with current consensus."

"MU guided below consensus for November, but given the company’s messaging at investor conferences through the quarter, we don’t think it’s likely to be a significant surprise to investors," Caso said.

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