Micron Technology Q1 Profit Increases, beats estimates

(RTTNews) - Micron Technology (MU) announced a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $2.31 billion, or $2.04 per share. This compares with $0.80 billion, or $0.71 per share, in last year's first quarter.

Excluding items, Micron Technology reported adjusted earnings of $2.47 billion or $2.16 per share for the period.

Analysts on average had expected the company to earn $2.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 33.3% to $7.69 billion from $5.77 billion last year.

Micron Technology earnings at a glance:

-Earnings (Q1): $2.31 Bln. vs. $0.80 Bln. last year. -EPS (Q1): $2.04 vs. $0.71 last year. -Analyst Estimate: $2.11 -Revenue (Q1): $7.69 Bln vs. $5.77 Bln last year.

-Guidance: Full year EPS guidance: $1.85 - $2.05 Full year revenue guidance: $7.3 - $7.7 Bln