Seeking Alpha

Micron misses by $0.05, beats on revenue

  • Micron (MU): FQ4 EPS of $0.20 beats by $0.04.
  • Revenue of $2.84B beats by $0.14B. Shares -1.30% AH. (PR)
Comments (60)
  • Jasper85
    , contributor
    Comments (301) | Send Message
     
    Well...Q2 was EPS of $0.04. It surely passed the bar, just not the gigantic expectations ( yet)
    10 Oct 2013, 04:15 PM Reply Like
  • Jasper85
    , contributor
    Comments (301) | Send Message
     
    *Q3
    10 Oct 2013, 04:29 PM Reply Like
  • Esekla
    , contributor
    Comments (2032) | Send Message
     
    wow, how is this possible given the increase in memory prices, and what happens once those subside?
    10 Oct 2013, 04:19 PM Reply Like
  • Holthusen
    , contributor
    Comments (576) | Send Message
     
    These are numbers that were earned PRIOR to the fire at Competitor. This next quarter will be great.
    10 Oct 2013, 04:21 PM Reply Like
  • Tradestar
    , contributor
    Comments (301) | Send Message
     
    Your're wrong. MU themselves today stated the Hynix fire did NOT to improve their sales, which they earlier lied about, as did the analysts, and, as this article shows, still are.
    10 Oct 2013, 10:57 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    It sucks!!!!
    Now, we know why so much mystery from the management. Lets see the forward #s.
    10 Oct 2013, 04:21 PM Reply Like
  • bgold1955
    , contributor
    Comments (1877) | Send Message
     
    Wait till conference call scheduled @ 2:30MDT. I think all is good.
    10 Oct 2013, 04:26 PM Reply Like
  • Jasper85
    , contributor
    Comments (301) | Send Message
     
    Don't think its that bad actually. Current quarter will be decent.
    10 Oct 2013, 04:25 PM Reply Like
  • Philip Marlowe
    , contributor
    Comments (849) | Send Message
     
    Where did you get .20???? Their Q4 GAAP EPS was 1.51. They have not provided non-GAAP numbers.
    10 Oct 2013, 04:28 PM Reply Like
  • rickylai
    , contributor
    Comment (1) | Send Message
     
    1.31 based on accounting gains.
    10 Oct 2013, 04:34 PM Reply Like
  • Philip Marlowe
    , contributor
    Comments (849) | Send Message
     
    And how do you know there weren't any one time accounting losses? In fact I guarantee there will be some one time accounting losses due to the convertible debt and perhaps due to the currency hedges.
    10 Oct 2013, 04:37 PM Reply Like
  • Kenpogi
    , contributor
    Comments (55) | Send Message
     
    EPS is $1.51 including $1.31 from Elpida and Rexchip.

     

    This news reported only MU EPS of $.20 w/o Elpida and Rexchip.

     

    This news is misleading the people.
    10 Oct 2013, 04:51 PM Reply Like
  • Philip Marlowe
    , contributor
    Comments (849) | Send Message
     
    I was correct. Non-GAAP revenue was .29.
    10 Oct 2013, 05:09 PM Reply Like
  • Philip Marlowe
    , contributor
    Comments (849) | Send Message
     
    Sorry i meant : Non-GAAP EPS was .29.
    10 Oct 2013, 05:55 PM Reply Like
  • roskilde
    , contributor
    Comments (6) | Send Message
     
    Philip Marlow is correct. Non-GAAP earnings excluding the one-time gain from the Elpida transaction is .29. Go to the Micron discussion of the earnings. Mark Durcan et al discuss this and the discussion and earnings charts are available for a few days on the Micron website under investor relations.
    10 Oct 2013, 09:55 PM Reply Like
  • RonJadler
    , contributor
    Comments (36) | Send Message
     
    http://bit.ly/19CNfwe
    10 Oct 2013, 04:30 PM Reply Like
  • Tom Sr
    , contributor
    Comments (166) | Send Message
     
    Puzzling...various othr sources have EPS of $1.51 vs .21 Fcst. Perhaps this is not consolidated????
    10 Oct 2013, 04:30 PM Reply Like
  • Kenpogi
    , contributor
    Comments (55) | Send Message
     
    Yup EPS is $1.51 vs $0.24!

     

    Micron Technology, Inc. (NASDAQ: MU) reported Q4 EPS of $1.51, $1.27 better than the analyst estimate of $0.24. Revenue for the quarter came in at $2.84 billion versus the consensus estimate of $2.7 billion.
    10 Oct 2013, 04:36 PM Reply Like
  • Jasper85
    , contributor
    Comments (301) | Send Message
     
    Now thats better!!
    10 Oct 2013, 04:37 PM Reply Like
  • FiftyFiv3
    , contributor
    Comments (3) | Send Message
     
    Perhaps investors are confused? Q4 EPS was $1.51, not $0.20.
    10 Oct 2013, 04:38 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    Doesn't $1.51 a share bits24 cents expected?
    Don't understand what's going on.
    10 Oct 2013, 04:39 PM Reply Like
  • ericeverett
    , contributor
    Comments (101) | Send Message
     
    Back out the Elpida 1 time benefit and EPS from continuing operations was $.20 - that's how I read it. If MU actually earned $1.51 in a quarter and could sustain that, do you think the stock would be down about 2% from the close at last look?
    10 Oct 2013, 04:41 PM Reply Like
  • Tom Sr
    , contributor
    Comments (166) | Send Message
     
    Yeah, that's better BUT what in the world is the SA "Market Currents" report????????

     

    EXPLANATION NEEDED FROM SEEKING ALPHA!!!!!
    10 Oct 2013, 04:41 PM Reply Like
  • Kenpogi
    , contributor
    Comments (55) | Send Message
     
    Maybe SA has some agenda making the EPS look bad.
    10 Oct 2013, 04:53 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    With the numbers I'm reading, which are a BIT on estimates, MU should be well into its $20s. But, either I'm dumb, and idiot, or something is wrong in the data.
    10 Oct 2013, 04:46 PM Reply Like
  • Humble Eagles
    , contributor
    Comments (1247) | Send Message
     
    It is just accounting magic I believe...don't think there is a problem. Remember, they said they would mark in progress inventory to market and capture the gain on this statement for Elpida. Then, inventory is sold through at zero margin until depleted. The only profit will be add-on. Should be mostly digested by CY 14! Really hard for mortals to analyze. Basically, the way I understand it, is that they are extracting the next qtr's profit now, and it should look pretty normal by next qtr /2nd qtr. The numbers will all appear messed up, but I think they will deal with it. The profit will look low for this Qtr, too. You have to remember it is bundled with the HUGE accounting gain...
    10 Oct 2013, 04:46 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    In my years of trading, I've never seeing such a confusion.
    I'm still in shock.
    10 Oct 2013, 04:49 PM Reply Like
  • Humble Eagles
    , contributor
    Comments (1247) | Send Message
     
    Led, they said they were going to do this...nobody understands. Patience. We have to wait for the call. The profit for Elpida in this qtr and next are bundled in the gain. Looks like the number will average out very well, though.
    10 Oct 2013, 04:52 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    As you know, I'm a day trader. I went only 5000 shares into earnings. So, of my huge profits from MU during the year, I'm only down may be $1000. But I'm really concern for the good people in SA. A few were depending on MU to deliver. Mostly, the ones holding options.
    10 Oct 2013, 05:00 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    Thanks. I was more concerned for others than for myself. MUprice is leveling off.
    10 Oct 2013, 05:06 PM Reply Like
  • ericeverett
    , contributor
    Comments (101) | Send Message
     
    Yep I remember, Humble Eagles is right. Let's wait for the call, wait for all the MU guys like Russ to analyze everything, and we'll have a better idea. That said, I'm glad I didn't buy more before the report. Hopefully the market doesn't get it and I can buy a trading position in the low $17's.
    10 Oct 2013, 04:58 PM Reply Like
  • Jasper85
    , contributor
    Comments (301) | Send Message
     
    Seems like market is getting the point, AH are now flat at closing price
    10 Oct 2013, 05:04 PM Reply Like
  • a1shot
    , contributor
    Comments (302) | Send Message
     
    20 USD by tomorrow anyone?:) MU DID beat the estimates in any case, even if it is 0.29.
    10 Oct 2013, 05:08 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    Now, it is kind of understandable. So, I'm with you on that $20 tomorrow.
    10 Oct 2013, 05:15 PM Reply Like
  • Tradestar
    , contributor
    Comments (301) | Send Message
     
    You're all wrong. 0.20 cents is the correct eps after minus out Elpida. They MISSED, and those who insist they are correct, are plain wrong.
    10 Oct 2013, 11:01 PM Reply Like
  • Kenpogi
    , contributor
    Comments (55) | Send Message
     
    This stock should be 20+ by now.
    They beat across the board!
    I will buy more shares.
    10 Oct 2013, 05:15 PM Reply Like
  • ericeverett
    , contributor
    Comments (101) | Send Message
     
    You're right Jasper, MU rallying on the conference call I assume. I won't get my buying opp but as others have said man SAers are holding options, so let's continue to hope the market realizes value.
    10 Oct 2013, 05:16 PM Reply Like
  • texastrojan
    , contributor
    Comments (109) | Send Message
     
    It's still $1.51 EPS!!!!! OF COURSE Elpida is included!! Why wouldn't it be!!! Stock SHOULD be trading >> $20 per share!!
    10 Oct 2013, 05:18 PM Reply Like
  • a1shot
    , contributor
    Comments (302) | Send Message
     
    Seeking Alpha - either correct the post, or remove it. It will make a negative impact as those who will check tomorrow wont understand your "humor". (and i hope this was not intentional...)
    10 Oct 2013, 05:23 PM Reply Like
  • bgold1955
    , contributor
    Comments (1877) | Send Message
     
    Yahoo & others are reporting what SA reported. However, RonJad link indicates $ 1.51. Just waiting for call.
    10 Oct 2013, 05:42 PM Reply Like
  • texastrojan
    , contributor
    Comments (109) | Send Message
     
    Micron beats HUGE!! Way to go Micron!!! $25 here we come!!! Elpida acquisition is easily the #1 STEAL OF THE CENTURY!!!!!
    10 Oct 2013, 05:24 PM Reply Like
  • ericeverett
    , contributor
    Comments (101) | Send Message
     
    The .05 miss is technically correct...
    10 Oct 2013, 05:27 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    explain, please.
    10 Oct 2013, 05:33 PM Reply Like
  • yoonmark
    , contributor
    Comment (1) | Send Message
     
    GAAP EPS = $1.51
    Non-GAAP EPS = $0.29

     

    Where did they get $0.20??!!!
    10 Oct 2013, 05:50 PM Reply Like
  • Darbyred
    , contributor
    Comments (84) | Send Message
     
    Tech Trader in BARRON'S .................."Upd... My canvassing of analysts following the report has produced two who assert that the comparable is 20 cents, and missed consensus of 23 to 25 cents, while two other assert that the proper non-GAAP number from tonight’s report is 29 cents, and that Micron beat easily on that score. So, apparently there is some division at this point on the sell-side.

     

    "Update 2: At least one of the two analysts citing a miss on EPS has informed me that they have revised their calculations and arrived at the same 29-cent number, which suggests the consensus from here on out will be with an earnings beat, not a miss."
    ..........
    10 Oct 2013, 07:00 PM Reply Like
  • ericeverett
    , contributor
    Comments (101) | Send Message
     
    I'll go with Darbyred and apologize for assuming I knew better :)
    10 Oct 2013, 07:31 PM Reply Like
  • aavasque
    , contributor
    Comments (23) | Send Message
     
    Street Insider: Micron Technology, Inc. (NASDAQ: MU) reported Q4 EPS of $1.51, $1.27 better than the analyst estimate of $0.24. Revenue for the quarter came in at $2.84 billion versus the consensus estimate of $2.7 billion.

     

    Why other publications says MU MISS? MU just put a home-run for the quarter that finished in August 29th (with one month with Elpida and without the benefit of increase ASPs due to Hinix fire). We should expect better EPS for current quarter that ends in November.
    10 Oct 2013, 08:50 PM Reply Like
  • roskilde
    , contributor
    Comments (6) | Send Message
     
    Part of the problem is that 1.31 of Micron's profit comes from not only the one time gain from the purchase of elpida, but also has elpida's operating profit of one month, which must be .08.

     

    roskilde.
    10 Oct 2013, 09:50 PM Reply Like
  • Tradestar
    , contributor
    Comments (301) | Send Message
     
    You're correct. One month of Elpida is what was correct to include, per MU themselves. I'm sick of these incompetent analysts and arrogant individuals who insist it is 1.51 (roskilde is subtracting the actual 0.20 eps from that, thus he is using 1.31).

     

    When you don't know what you are talking about, simply don't post!
    10 Oct 2013, 11:05 PM Reply Like
  • scorpion.bullfrog
    , contributor
    Comments (92) | Send Message
     
    Doesn't the one time gain just mean that Micron has to take a depreciation expense every quarter, for a while, that will just make EPS look a little worse, until the depreciation is off the books?
    10 Oct 2013, 10:48 PM Reply Like
  • texastrojan
    , contributor
    Comments (109) | Send Message
     
    Non-GAAP Net Income = $332M
    Diluted shares = 1129.4 M
    Non-GAAP EPS = $0.29
    (See page 6 of the Presentation on MU investor website)

     

    Bottom line is this:
    GAAP EPS = $1.51
    Non-GAAP EPS = $0.29

     

    HOWEVER YOU SLICE IT.....IT'S STILL A BEAT!!!!!!!!
    10 Oct 2013, 11:05 PM Reply Like
  • roskilde
    , contributor
    Comments (6) | Send Message
     
    go to micron's website. Under investor relations you can get micron's execs discussing earnings, including financial statements. One can find there the non GAAP earnings of .29, which is excluding all one time gains and losses.
    11 Oct 2013, 07:56 AM Reply Like
  • a1shot
    , contributor
    Comments (302) | Send Message
     
    Well, it did not help - it still is down 8% and now i am wondering what will it be on Monday.
    12 Oct 2013, 01:46 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    Credit Swiss take. I copied it from E*TRADE web site.

     

    Rating OUTPERFORM* [V]
    Price (10 Oct 13, US$) 18.44
    Target price (US$) 25.00¹
    52-week price range 18.50 - 5.16
    Market cap. (US$ m) 19,149.48

     

    F4Q13 (AugQ): DRAM Messy!!! But Maintaining
    EPS
    ■ Bottom line: Excluding acquisition accounting for Elpida, MU reported inline
    rev and upside EPS for F4Q (AugQ) of $2.84bn (+ 22.6% q/q) / $0.29
    versus our estimate of $2.86bn (+23.7% q/q) / $0.21 and Street of $2.70bn
    (+16.4% q/q) / $0.26. “Soft” guidance for F1Q (NovQ) was soft, implying
    rev/EPS of $3.81bn (+34.3% q/q) / $0.60 (excluding inventory write-up)
    below our in-print estimate of $3.64bn (+27.1% q/q) / $0.65 and WELL
    BELOW our more bullish scenario analysis of $3.97bn (+37.9% q/q) / $0.80
    cents. Relative to our in-print estimate, higher than expected D&A drove
    $0.06 of downside. Relative to our Bullish Scenario of $0.80, approximately
    $0.06 of the shortfall was from higher D&A, $0.10 from lower revenue from
    Elpida, $0.03 from higher share count and $0.02 from higher OpEx. We are
    disappointed that NovQ was not as clean as we had wanted – but the
    structural thesis of slowing/more rationale supply growth, accelerating FCF,
    and higher returns is still very much intact. We are maintaining our street
    high estimates for FY14 of $15.8bn (up 74% y/y) / $2.91 versus street of
    $14.8bn (65.2% y/y) / $2.16, – embedding a better pricing environment in
    F2Q (FebQ), but NORMAL to ABOVE NORMAL pricing declines for the
    remainder of the year. Maintain OP and TP of $25 or 8.1x times our CY14
    EPS estimate of $3.10 – which we continue to see as more mid cycle than peak earnings. The FY13 EPS estimates are revised from $0.06 to $0.16.
    11 Oct 2013, 09:00 AM Reply Like
  • ericeverett
    , contributor
    Comments (101) | Send Message
     
    So if old MU earned .20 and Elpida earned .08 in a month, then .20+ (.08x3) = .44 run rate? Plus higher ASP's next quarter could we be seeing over .50? Current estimate is .47 so I guess that's about right.
    11 Oct 2013, 09:03 AM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    The crappy thing is that MU came in soft with forward estimate ( no surprise there looking at how management has behaved all along). The, pre-market today there was a huge sell off. The price leveled off by 8:30 AM. But still is a far cry from where we all expected to be. And something else to consider today, is that we are still involved in political bickering.
    11 Oct 2013, 09:12 AM Reply Like
  • FiftyFiv3
    , contributor
    Comments (3) | Send Message
     
    So the stock hovers around $18 until next quarter.
    11 Oct 2013, 11:34 AM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    So far it has made a support ( demand zone) in the range of $17.29/17.37. It was in it's way to $18, hitting $17.88/89, but then, Wells Fargo came out with a down grade: Underperform; which made it come down to $17.29.
    As I see it, as a day trader: demand zone: 17.29/17.37, and supply zone 17.88/89 before the down grade. But it's made another one thereafter, at 17.70/17.59. Lets see if that holds.
    11 Oct 2013, 11:58 AM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    MU took out the support. It went for the next one at 17.17, and took it out also. Next support is at 16.80. From there, the low 16s.
    Very difficult trading due to the volatility. My stop is at 16.99/17.00.
    I'm long 10,000 shares at 17.10.
    11 Oct 2013, 01:10 PM Reply Like
  • led1980
    , contributor
    Comments (540) | Send Message
     
    I was stopped on this one. I left $1,100 on the table. However, I did not go short with it. I just waited ( and I miss a 40 cents short trip).
    At the end, I got in at $17.66 after MUbounced from a demand zone ( support) established on 9/17. I'm holding those ( with profit) with a stop at the point of entry. So, I can't lose.
    12 Oct 2013, 02:23 PM Reply Like
DJIA (DIA) S&P 500 (SPY)