Micron Pops on Earnings Beat

Micron Technology, Inc. (NASDAQ: MU) rose Thursday after the company reported better-than-expected earnings for its third quarter and issued strong forecast for the current quarter.

The Boise, Idaho-based technology giant reported Wednesday revenues of $7.80 billion, up 40% from the same period last year. GAAP net income was $3.82 billion, or $3.10 per diluted share. Non-GAAP net income was $3.90 billion, or $3.15 per diluted share

Operating cash flow reached $4.26 billion, compared with $2.41 billion for the same period last year, as the company ended the quarter with a net cash positive position

Said CEO Sanjay Mehrotra "Micron delivered record results in financial performance for the third fiscal quarter, supported by strong execution and ongoing secular demand trends.

"We strengthened our competitive position and grew our revenue across virtually all of our high-value product segments. We set new records for revenue in SSDs, Mobile Managed NAND and Automotive solutions along with Cloud/Enterprise and Graphics DRAM Memory. We see ongoing momentum and healthy industry fundamentals in the fourth quarter to close out an exceptionally strong fiscal 2018."

Investments in capital expenditures, net of amounts funded by partners, were $2.10 billion, which resulted in adjusted free cash flows of $2.16 billion for the third quarter of 2018. During the quarter, Micron repurchased or converted $2.31 billion principal amount of our debt, lowering our total carrying value of debt to $7.34 billion exiting the quarter.

Micron shares spiked 90 cents, or 1.5%, to $59.85.