Micron Technology Outpaces Earnings Expectations

BOISE, ID — Micron Technology Inc. surpassed Wall St. expectations Tuesday when it reported first-quarter earnings of $2.68 billion.

Eight analysts surveyed by Zacks Investment Research predicted the company's report to say, on average, that it has earings of $2.20 per share.

The Boise, Idaho-based company said it had profit of $2.19 on a per-share basis. Earnings, adjusted for non-recurring costs and stock option expense, were $2.45 per share.

The chipmaker posted revenue of $6.8 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $6.39 billion.

Micron shares have more than doubled since the beginning of the year, while the Standard & Poor's 500 index has risen 20 percent. In the final minutes of trading on Tuesday, shares hit $44, more than doubling in the last 12 months.

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