Micron Technology Inc (NASDAQ:MU) reported financial results for the third quarter after the market close on Wednesday. Here’s a rundown of the report.
Micron Q3 Earnings: Micron reported third-quarter revenue of $6.81 billion, beating the consensus estimate of $6.634 billion. The company reported adjusted earnings of 62 cents per share, beating analyst estimates of 49 cents per share.
Operating cash flow came in at $2.48 billion versus $1.22 billion in the prior quarter and $24 million in the comparable quarter last year. Adjusted free cash flow was $425 million in the quarter. The company ended the quarter with $9.22 billion in cash, marketable securities and restricted cash.
“Robust AI demand and strong execution enabled Micron to drive 17% sequential revenue growth, exceeding our guidance range in fiscal Q3,” said Sanjay Mehrotra, president and CEO of Micron.
“We are gaining share in high-margin products like High Bandwidth Memory (HBM), and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND. We are excited about the expanding AI-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025.”
Micron also noted that its board declared a quarterly dividend of $0.115 per share, payable on July 23 to shareholders of record as of July 8.
Micron Outlook: Micron anticipates fourth-quarter revenue of $7.6 billion, plus or minus $200 million, versus estimates of $7.6 billion. The company expects fourth-quarter adjusted earnings to be between $1 and $1.16 per share versus estimates of $1.05 per share.