Micron Technology, Inc. (NASDAQ: MU) has posted better than expected results in the fourth quarter of FY 17  due to the solid execution and robust demand for the memory and storage solutions. The company expects healthy industry fundamentals to continue into 2018, due to the increasingly diverse end markets and applications. Further, the company is focusing on accelerating the deployment of advanced technologies and solutions to further strengthen the financial foundation and enhance shareholder value. As a result, the stock rallied over 6.9% on September 27th, 2017 (As of  9:42AM EDT; Source: Google finance). 

In the FY 17, Micron Technology has reported 64 percent growth in the revenue to $20.32 billion, the net income of $5.65 billion and $4.96 per diluted share. The cash flows from operations is of $8.15 billion in FY 17.

Micron Technology in the fourth quarter of FY 17 has reported the adjusted earnings per share of $2.02, beating the analysts’ estimates for the adjusted earnings per share of $1.83. The company had reported the adjusted revenue growth of 91 percent to $6.14 billion in the fourth quarter of FY 17, beating the analysts’ estimates for revenue of $5.96 billion.

Moreover, the revenues for the fourth quarter of 2017 were 10 percent higher compared to the third quarter of 2017, and the DRAM sales volumes were 5 percent higher and NAND sales volumes were 3 percent higher. DRAM and NAND average selling prices in the fourth quarter grew 8 percent and 5 percent, respectively. The company’s overall consolidated gross margin of 50.7 percent for the fourth quarter of 2017 was higher compared to 46.9 percent in the third quarter due to an expansion of margins for DRAM products.

For the fourth quarter of 2017, the investments in capital expenditures, net of amounts funded by partners, were $1.51 billion and $5.13 billion for the full year of 2017. The company has ended the fourth quarter with cash, marketable investments, and restricted cash of $6.15 billion.

Additionally, at the Mobile World Congress, MU had announced its latest efforts for the autonomous vehicle market, such as low-power memory chips as well as security systems. The company has opened a new facility in Boise, which will nearly double its cleanroom space for R&D efforts.

Micron Technology stock has risen 66.7% in this year to date (source: Google Finance).