Micron Technology, Apollo Education Beat Expectations, Shares Up

0
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.

Gates Capital Returns 32.7% Tries To Do “Fewer Things Better”

Gates Capital Management's Excess Cash Flow (ECF) Value Funds have returned 14.5% net over the past 25 years, and in 2021, the fund manager continued to outperform. Due to an "absence of large mistakes" during the year, coupled with an "attractive environment for corporate events," the group's flagship ECF Value Fund, L.P returned 32.7% last Read More

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.

Updated on

No posts to display