Micron Technology, Apollo Education Beat Expectations, Shares Up

Micron Technology, Apollo Education Beat Expectations, Shares Up

Micron Technology, Inc. (NASDAQ:MU) and Apollo Education Group Inc (NASDAQ:APOL) both reported their latest quarterly results after closing bell today. Both of them beat analyst expectations, and shares jumped in after-hours trading.

Micron smashes EPS expectations

Micron Technology, Inc. (NASDAQ:MU) gained more than 5% today ahead of the company’s latest quarterly report. Shares rose another 6% after the company’s report.

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The company reported earnings per share, excluding items, of 77 cents. Profits were reported to be 30 cents per share, while quarterly sales were $4 billion. That’s a 42% increase compared to the same quarter a year ago. Analysts had been expecting Micron to report earnings of around 43 cents per share on revenue of $3.72 billion for the first fiscal quarter of 2014.

Micron reported that revenues from sales of DRAM products rose 69% quarter over quarter, mostly because of an increase in sales volume after the company acquired Elpida. Micron Technology also reported an 8% increase in sales from NAND Flash products quarter over quarter because of an 11% increase in sales volume, which was offset by a small decline in average selling prices. Consolidated gross margins rose to 32%, compared to 25% in the previous quarter.

Apollo Education Group beats on EPS

Apollo Education Group Inc (NASDAQ:APOL) reported $856.3 million in net revenue for the first fiscal quarter of 2014. That’s compared to $1.1 billion in the same quarter a year ago. Diluted earnings per share were reported to be 87 cents, while earnings excluding items were $1.04 per share, which was ahead of analyst expectations. Analysts had been expecting the company to report earnings of 90 cents per share on revenue of $860.6 million.

Shares of Apollo Education Group Inc (NASDAQ:APOL) dipped slightly ahead of today’s earnings report, falling less than 1% during the regular trading day, but they bounced back in a big way after the report, surging more than 3%.

Other news from Apollo

Apollo reported that degreed enrollment for University of Phoenix was 263,000, a 17.7% decline from the same quarter a year ago. New degreed enrollment was 41,700, a 22.9% decline from last year. The company’s first quarter results included charges related to restructuring activities, which amounted to $32 million.

During December, the company completed the acquisition of 80% of Open Colleges Australia Pty Ltd’s outstanding shares for about $98 million and bought back about 600,000 shares of common stock at a weighted average price of $26.02 per share.

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