Micron Technology (MU) will disclose its fiscal 2024 third-quarter results after the market closes on June 26.
The current estimate for non-GAAP earnings in the third quarter is 50 cents per share, a substantial improvement from the loss of $1.43 in the same quarter last year. The consensus revenue estimate is $6.7 billion, representing a 78.6% increase from $3.75 billion in the previous year.
Micron stock has experienced a 65.7% increase year-to-date, surpassing the 24.1% growth of the Technology sector. This remarkable performance results from an improving demand-supply environment for memory chips and Micron's consecutive quarters of strong financial results.
MU Earnings Forecast
Micron has been progressing in its recovery from the financial challenges it encountered in late 2022 and early 2023, as indicated by its most recent financial results. In the last four quarters, the company has surpassed the analysts' consensus estimate for non-GAAP earnings, resulting in an average surprise of 69.6%.
Micron's revenues and earnings exceeded consensus estimates and demonstrated substantial year-over-year growth in the second quarter of fiscal 2024.
The analysts' consensus for revenues for fiscal 2025 is $37.3 billion, representing a year-over-year increase of over 51%. The earnings consensus estimate is $7.81 per share, which indicates a more than eightfold increase.
Micron's financial health contributes to its investment appeal. The company's total liquidity was $12.2 billion, with cash and cash equivalents of $9.7 billion at the end of the second quarter of fiscal 2024. Micron's robust financial position allows it to invest in research and development, enhancing innovation and growth.
