Micron Technology has announced an upward revision to its revenue and EPS guidance for its second quarter of fiscal 2018 ended March 1. Micron now expects that on a non-GAAP basis, revenues will be in the range of US$7.2 billion to US$7.35 billion compared with its prior guidance of US$6.8-7.2 billion. EPS for the quarter will range from US$2.70 to US$2.75, up from its previously-estimated US$2.51-2.65.

Micron's revenues for its first quarter of fiscal 2018 increased 71% on year and 11% sequentially to US$6.8 billion, while net profits came to US$2.68 billion or US$2.19 per diluted share compared with profits of US$180 million, or US$0.16 per share, a year earlier. The profits were also higher than profits of US$2.37 billion, or US$1.99 per share, in the prior quarter.

In addition, Micron announced the appointment of David Zinsner as senior VP and CFO effective February 19. Zinsner succeeds Ernie Maddock, who is retiring from Micron but will remain with the company as an adviser through early June to ensure a smooth transition.

"We continue to execute well against our strategic priorities as we undergo our chief financial officer transition," said Micron president and CEO Sanjay Mehrotra in a statement. "We look forward to sharing more details in our fiscal second quarter earnings conference call."

Micron is scheduled to hold its fiscal second quarter earnings conference call on March 22.

By: DocMemory
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