After-Hours News: Micron and Uniti Earnings
Semiconductor company Micron Technology (NASDAQ: MU) and communications infrastructure real estimate investment trust Uniti Group (NASDAQ: UNIT) are making news during after-hours trading on Wednesday, following their latest quarterly results.
Here are some key takeaways from each company's earnings update.
U.S.-based chipmaker Micron Technology reported results for its second quarter of fiscal 2019 after the market closed on Wednesday.
Revenue for the period fell to $5.84 billion, down from $7.35 billion in the year-ago quarter. This revenue, however, was notably higher than a consensus analyst estimate for revenue of $5.82 billion. The company's non-GAAP net income was $1.97 billion, translating to $1.71 per share. This was also above analysts' average estimate for $1.67 but down significantly from $2.82 in the year-ago period.
"Micron continues to execute well across a range of product, operational, and financial initiatives against the backdrop of a challenging market environment," said Micron CEO Sanjay Mehrotra in a press release about the quarter.
Notably, Micron spent $702 million repurchasing shares during the quarter, taking advantage of the stock's suppressed price. Shares are down 33% over the past 12 months.
The stock was up 4.7% in after-hours trading at 6 p.m. EDT.
Uniti, a communications infrastructure-focused internally managed real estate investment trust (REIT), also released its fourth-quarter and full-year results after the market closed on Wednesday.
Revenue for the company's fourth quarter of 2018 was $270.8 million, up from $246.3 million in the same quarter last year. This put total revenue for the year at $1 billion, up from $916 million in 2017. Earnings per share for the quarter were $0.05, and adjusted funds from operations (AFFO) per share were $0.64.
Management seemed pleased with the company's progress.
"Uniti enters this year with an exceptional portfolio of infrastructure assets we have acquired and developed over the last few years," said Uniti Group CEO Kenny Gunderman. "All of our businesses are seeing strong demand as the multi-year investment cycle in communication assets remains healthy." In addition, Gunderman said he expects the company to achieve "solid organic revenue growth" across its product and service offerings going forward.
In 2019, Uniti expects full-year revenue of $1.080 billion to $1.089 billion. Perhaps explaining the stock's 12.5% decline in after-hours trading as of 4:45 p.m. EDT, the consensus analyst estimate called for 2019 revenue of $1.09 billion -- above the high end of management's guidance range. The after-hours loss had lessened to 3.6% as of 6 p.m. EDT.
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