Is Micron poised to beat expectations in Q2?
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Micron Technology (NASDAQ:MU) is scheduled to announce Q2 earnings results on Tuesday, March 29th, after market close.
The chipmaker posted better-than-expected Q1 results. Chief Executive Sanjay Mehrotra said it has been taking steps to mitigate the supply chain issues that have hampered the chip sector throughout 2021.
"We have entered into strategic agreements to secure supply of certain components that we need to manufacture our products," Mehrotra said on a conference call. "As a result of these agreements, the current tight supply of these components is expected to gradually improve for us throughout calendar [year] 2022."
For Q2, Micron said it expects to earn between $1.95 and $2.10 a share, excluding one-time items, on revenue in a range of $7.3B to $7.7B.
The consensus EPS Estimate is $1.98 (vs $0.98 in Q221) and the consensus Revenue Estimate is $7.53B (+20.7% Y/Y).
Ahead of the Q2 results, Citi analyst Christopher Danely reiterated his buy rating and said that DRAM pricing is likely to rise in the second-half of the year, due to low supply and a recovery in demand. The semiconductor manufacturer is seeing strong and stable dynamic random access memory pricing, which should bode well for the company.
Bernstein analyst Mark Li raised his rating on the stock to Outperform, arguing that the market for dynamic random access memory will likely bottom in the next couple of quarters. In addition, the Bernstein analyst predicted that the Russian attack on Ukraine would not create a notable disruption in supply or weigh on DRAM demand.
Wedbush Securities also upgraded the semiconductor company to Outperform, noting that the assumptions for NAND pricing used have become conservative, given the recent disruptions at Western Digital's plants in Japan.
Over the last 2 years, MU has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time.
Over the last 3 months, EPS estimates have seen 6 upward revisions and 0 downward. Revenue estimates have seen 7 upward revisions and 1 downward.