Micron Technology, Inc (NASDAQ: MU) is set to post quarterly earnings at after the closing bell.
The flash memory specialist has delivered eight straight earnings beats. And thanks to the favorable pricing of dynamic random access memory (DRAM) and NAND chips — those found in portable devices like tablets and MP3 players — combined with the lower memory-chip supply, which is pushing prices higher, Micron is poised to another strong performance Tuesday.
For the quarter that ended August, the Boise, Idaho-based company is expected to report earnings of $1.84 per share on revenue of $5.96 billion.
This compares to the year-ago quarter when Micron posted a five-cent loss on revenue of $3.22 billion. For the full year, earnings are projected to soar to $4.73 per share, topping six cents per share earned last year, while full-year revenue of $20.15 billion would mark a 62.5% year-over-year rise.
Recently, Micron CFO Ernie Maddock cited strong demand for data storage and data processing as the key drivers of growth, saying he expects the market for both DRAM and NAND to remain robust for the rest of fiscal year 2017 and well into fiscal 2018.
The share price has gained 123.07% from its 52-week low with a 52-week trading range of $16.17 - $36.60.The company's shares are currently trading above their 200-day moving average.
What’s more, the stock's 50-day moving average of $31.03 is greater than its 200-day moving average of $29.54. Shares of the company are trading at a Price to Earnings ratio of 15.84. Shares of Micron Technology have gained approximately 64.6% year-to-date.
Share prices decreased 32 cents to $34.55 mid-morning Tuesday.
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