Memory products maker Micron Technology (NASDAQ: MU), shares of which have been hitting new multi-year highs in the past few weeks, is scheduled to report its fiscal third-quarter results Monday June 23, after the markets close.

Analyst sentiment has been bullish, and Micron's acquisition of Elpida Memory last year has been boon for margins and cash flow. Investors will be looking for that to continue to be the case. Micron has posted four straight quarters of earnings gains, as well as a streak of five quarters of year-over-year sales growth.

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Expectations

Analysts on average predict that Micron Technology will report that its revenue for the quarter increased more than 67 percent year-over-year to $3.89 billion. Earnings of $0.70 per share are also in the consensus forecast. That would be all the way up from a reported profit of just $0.04 per share in the comparable period of last year.

Note that the consensus earnings per share (EPS) estimate has risen by two cents in the past 60 days, and the estimates range from $0.58 to $0.79. The company topped analysts' EPS expectations in the previous quarter by almost 12 percent, and by about 79 percent in the period before that.

Micron Technology attributed strong second-quarter earnings in part to strong sales of Trade NAND Flash products that offset lower selling prices. Revenues from sales of DRAM products were essentially flat year-on-year. The share price dropped more than 10 percent following the second-quarter report.

Looking ahead, the EPS forecast for the three months that end in August so far calls for revenue up almost 43 percent from a year ago, as well as sequential and year-over-year growth on the top line. Full-year revenues are predicted to be more than 77 percent higher, while earnings swung to a profit from a year-ago net loss.

The Company

Micron Technology is one of the world's leading providers of advanced semiconductor solutions. The company manufactures and markets a variety of dynamic random access memory (DRAM) products, as well as NAND and NOR flash memory products. It markets its products to original equipment manufacturers and retailers.

This S&P 500 component was founded in 1978, and its headquarters are in Boise, Idaho. It has a market capitalization of around $34 billion. D. Mark Durcan has been Micron Technology's chief executive officer since February 2012.

Competitors include SanDisk, which is expected to post modest growth on the top and bottom lines in the current quarter. Micron Technology also competes with the likes of Samsung Electronics and Toshiba, which have flash memory production divisions.