Micron Technology, Inc. (NASDAQ: MU) has reported the adjusted earnings per share of $1.62 in the third quarter of FY 17, beating the analysts’ estimates for the adjusted earnings per share of $1.49. The company had reported the adjusted revenue growth of 92 percent to $5.57 billion in the third quarter of FY 17, beating the analysts’ estimates for revenue of $5.4 billion. The revenue is 20 percent higher than the second quarter of fiscal 2017. The revenue grew due primarily to a 14 percent increase in DRAM average selling prices and a 17 percent increase in trade NAND sales volumes. The company’s overall consolidated gross margin for the third quarter of fiscal 2017 was approximately 10 percentage points higher compared to the previous quarter primarily due to increases in DRAM average selling prices and manufacturing cost reductions for both NAND and DRAM. The revenue from cloud-computing customers has rose fourfold in one year. Overall, the profits poured in, totaling to $1.65 billion in the third quarter, compared with a $215 million loss in the comparable 2016 quarter. As a result, the stock rallied over 2.2% in the pre-market session on June 30th, 2017 (As of  8:41AM EDT; Source: Google finance) Micron Technology has delivered strong operational performance in the third quarter with free cash flow nearly double from last quarter, which enabled the company to retire $1 billion in debt. MU’s third quarter results reflect solid execution of the cost reduction plans and ongoing favorable industry supply and demand dynamics. Furthermore, the global trends taking shape, including the machine learning and big data analytics, are exciting and create significant opportunities for MU. MU is focused on positioning the company to realize these opportunities by investing in technology and products while also strengthening the balance sheet. The strong industry demand is expected to continue in 2018 Additionally, the Investments in capital expenditures, net of amounts funded by partners, were $1.27 billion for the third quarter of fiscal 2017. The company ended the third quarter of fiscal 2017 with cash, marketable investments, and restricted cash of $4.90 billion. Micron Technology stock has risen 138.23% in the last one year (source: Google Finance). According to tipranks.com, 18 analysts has covered the stock while recommend a “Strong Buy”. Micron Technology has an average price target of $38.27, which is a further upside of 21.61%.

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