RigNet Inc
Change company Symbol lookup
Select an option...
RNET RigNet Inc
FNMA Federal National Mortgage Association
CPKF Chesapeake Financial Shares Inc
AGNC Agnc Investment Corp
BYND Beyond Meat Inc
NDENF Central African Gold Inc
HD Home Depot Inc
ACPS AC Partners Inc
FONR Fonar Corp
WBRRFX BlackRock Russell 2000 Growth Index Fund
Go

Energy : Energy Equipment & Services | Small Cap Value
Company profile

RigNet, Inc. (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A). The Managed Services segment provides remote communications services for offshore and onshore drilling rigs and production facilities, as well as, support vessels and other remote sites. The SI&A segment provides customized solutions for customer telecommunications systems. As of December 31, 2016, the Company provided remote communications and collaborative services to approximately 500 customers reaching approximately 900 remote sites located in approximately 50 countries on six continents. It provides managed remote communications, engineered telecommunications solutions and applications.

Closing Price
$4.05
Day's Change
-0.08 (-1.94%)
Bid
--
Ask
--
B/A Size
--
Day's High
4.25
Day's Low
4.01
Volume
(Below Average)
Volume:
110,348

10-day average volume:
131,582
110,348

UPDATE: Micron earnings show spike in memory sales, forecast suggests more of the same

6:16 am ET June 30, 2020 (MarketWatch)
Print

By Wallace Witkowski, MarketWatch

Micron shares jump more than 5% in extended trading after sales, forecast top estimates

Micron Technology Inc. shares jumped in after-hours trading Monday after the memory-chip maker said sales surged in the third quarter and are expected to remain strong in the final period of its fiscal year amid the COVID-19 pandemic.

Micron (MU) forecast adjusted fiscal fourth-quarter earnings of 95 cents to $1.15 a share on revenue of $5.75 billion to $6.25 billion, which would be a big gain from a year ago when the company reported earnings of 56 cents a share on revenue of $4.87 billion.

Analysts surveyed by FactSet, on average, were predicting fourth-quarter earnings of 79 cents a share on sales of $5.46 billion, according to FactSet.

Shares gained more than 5% in after-hours trading, following a 1.4% gain in the regular session to close at $49.15.

"As we look ahead at the second half, of course, you know, given the total COVID environment and uncertainties around COVID around the globe, we basically have limited visibility," said Sanjay Mehrotra, Micron's chief executive, on a conference call.

"Yet, we do believe that cloud demand in the second half of the calendar year will continue to be healthy for us," Mehrotra said.

Micron specializes in DRAM and NAND memory chips. DRAM, or dynamic random access memory, is the type of memory commonly used in PCs and servers, while NAND chips are the flash memory chips used in USB drives and smaller devices, such as digital cameras. While the COVID-19 pandemic has been cited as fueling a boost in memory-chip sales, many analysts suspect that may have oversupplied the market (http://www.marketwatch.com/story/micron-enthusiasm-cools-as-coronavirus-memory-chip-demand-boost-not-expected-to-last-2020-06-23), which could bode poorly for the second half of the year -- but not according to Micron's forecast.

The company reported fiscal third-quarter net income of $803 million, or 71 cents a share, compared with $840 million, or 74 cents a share, in the year-ago period. Adjusted earnings were 82 cents a share, compared with $1.05 a share in the year-ago period. Revenue rose to $5.44 billion from $4.79 billion in the year-ago quarter.

Analysts had forecast adjusted earnings of 75 cents a share on revenue of $5.27 billion.

Micron had already informed investors that it would outperform its original expectations. In late May, Micron forecast adjusted earnings of 75 cents to 80 cents a share and revenue of $5.2 billion to $5.4 billion, up from its forecast of 40 cents to 70 cents a share on revenue of $4.6 billion to $5.2 billion back in March.

For the year, Micron shares are off about 10%, while the PHLX Semiconductor Index is up 4%. Meanwhile, the S&P 500 index is down 6%, and the tech-heavy Nasdaq Composite Index is up 9%.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

June 30, 2020 06:16 ET (10:16 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.