Micron Technology Inc (NASDAQ:MU) stock rallies 13.81% (As on September 26, 11:28:27 AM UTC-4, Source: Google Finance) after the company’s fiscal fourth-quarter results that topped analyst estimates driven by robust AI demand drove a strong ramp of the data center DRAM products and the industry-leading high bandwidth memory. For fourth quarter, operating cash flow generated was of $3.41 billion versus $2.48 billion for the prior quarter and $249 million for the same period last year.
MU in the fourth quarter of FY 24 has reported the adjusted earnings per share of $1.18, beating the analysts’ estimates for the adjusted earnings per share of $1.11. The company had reported the adjusted revenue growth of 93 percent to $7.75 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue of $7.65 billion.
Additionally, investments in capital expenditures, net were $3.08 billion for the fourth quarter of 2024 and $8.12 billion for the full year of 2024, which resulted in adjusted free cash flows of $323 million for the fourth quarter of 2024 and $386 million for the full year of 2024. Micron ended the year with cash, marketable investments, and restricted cash of $9.16 billion. On September 25, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 23, 2024, to shareholders of record as of the close of business on October 7, 2024.
For Q1, the company forecast adjusted EPS in a range of $1.74, give or take $0.08, on revenue in the range of $8.70B, give or take $200M, compared with estimates for $1.58 and $8.35B, respectively. Company executives attributed the raised guidance to a more favorable pricing environment as well as robust demand for Micron’s memory chips used in data centers to power artificial intelligence.
On the other hand, MU announced the availability of the Crucial P310 2280 Gen4 NVMe solid-state drive (SSD), which offers two times faster performance than Gen3 SSDs1 and 40% faster performance than Crucial’s P3 Plus,2 giving gamers, students and creatives a boost in speed when they boot and use data-intensive applications. With capacities up to 2 terabytes (TB) and read and write speeds of 7,100 and 6,000 megabytes per second (MB/s) respectively,3 the P310 2280 SSD enables more customers than ever to gain access to gaming performance without paying gaming prices. This launch expands Micron’s P310 portfolio to address PCs, laptops and PlayStation 5, closely following the July launch of its award-winning Crucial P310 2230 SSD, which is targeted at users of handheld gaming consoles and mini PCs.