Micron Raises Guidance Ahead Of Analyst Day, Shares Rally

Micron Technology, Inc. MU is hosting its annual analyst and investor day presentation Monday. The semiconductor manufacturer issued an encouraging guidance update ahead of the presentation, and Micron's stock was higher by more than 4 percent in mid-morning trading. 

What Happened

Micron revised its fiscal third quarter revenue guidance higher from a range of $7.2-$7.6 billion to a new range of $7.7-$7.8 billion. The company also revised its earnings per share guidance higher from a range of $2.76-$2.90 to a new range of $3.12 to $3.16 per share.

Why It's Important

Micron said its lifted guidance is due to "strong execution and healthy industry conditions."

The third quarter results "are driven by focused execution of our strategy against a backdrop of healthy industry fundamentals," Micron President and CEO Sanjay Mehrotra said in a statement. "We look forward to discussing the significant opportunities ahead for Micron during our analyst and investor event later today."

What's Next

Micron's presentation takes place from 1:30-5 p.m. Investors can tune in to a live broadcast at the company's investor relations website, and a replay will be available to stream after the event's conclusion.

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