Return To Earnings Island: MU, KR, DRI
Zacks Investment Research | Jun 20, 2018 09:55PM ET
Thursday, June 21, 2018 As far as our corporate earnings calendars are concerned, this is the week each quarter that stands as an outlier — in between two big earnings season clusters, this is the week that brings alternative fiscal calendars from major companies like Oracle (NYSE:ORCL) and FedEx (NYSE:FDX), among others. Yesterday after the bell we saw results from growth chip-maker Micron (NASDAQ:MU) , and ahead of today’s open we also have earnings from Kroger (NYSE:KR) and Darden Restaurants (NYSE:DRI) . Zacks Rank #1 (Strong Buy)-based Micron, with a Zacks Style Score of A, topped expectations on both top and bottom lines, with earnings of $3.15 per share beating by a penny and quarterly sales of $7.80 billion, above the $7.75 billion anticipated. These marginal beats may seem unimpressive at first — indeed, shares traded down initially upon the the report’s release after the closing bell yesterday — but keep in mind revenues are up 40% year over year, and gross margins have blossomed to 60.6% from 46.9% a year ago. Key for the turnaround in sentiment for Micron — the stock is now up 4.5% in Thursday’s pre-market, and an astonishing 43% year-to-date — was in the analysis of the company’s forecast on sales for memory chips, which proved very promising. Concerns about memory chip demand continuing their current robust trajectory had been on the minds of analysts of late. Yesterday’s conference call seems to have put most of them at ease. Questions or comments about this article and/or its author? Click here>>
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