Jim Cramer: What Micron Says About Upcoming Earnings Season

Credit: The Street
Published on September 27, 2019 - Duration: 00:51s

Jim Cramer: What Micron Says About Upcoming Earnings Season

Real Money stock of the day Micron reported earnings after the bell Sept.

26.

The company reported fourth-quarter adjusted earnings of 56 cents a share, topping analyst forecasts of by 5 cents, while revenue of $4.87 billion fell from a year earlier, but beat estimates of $4.59 billion.

However, Micron said it expects fiscal first-quarter adjusted earnings of 39 cents to 53 cents a share on revenue of $4.8 billion to $5.2 billion.

Analysts had been expecting earnings of 53 cents a share on revenue of $4.8 billion.

Gross margin pressures were caused by memory price declines, product mix changes and slower manufacturing cost declines, were heavily responsible for Micron's earnings guidance, according to TheStreet's Eric Jhonsa.

The company guided for first-quarter non-GAAP gross margin of 25% to 28%, which is down from a better-than-expected 30.6% in the fourth quarter, and well below a year-earlier margin of 59%.

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