Micron Technology (MU) Quarterly Report



MU-Idaho

Business Description:

The Company and its subsidiaries manufacture and market DRAM, NAND Flash memory, CMOS image sensors and other semiconductor components. It has two segments, Memory and Imaging.

Quarterly Report

Micron Technology Inc (MU.O) beat quarterly margin and revenue expectations as prices for the memory chips it makes jumped 9 percent, after corporations worldwide splashed out once again on tech gear.

The top U.S. maker of memory chips that go into computers posted its third straight quarterly profit after nearly three years in the red, when the memory chip industry struggled through its worst-ever downturn.

MU

Analysts said investors now awaited forecasts for the fiscal fourth quarter, due on a conference call later on Monday.

Analysts warn that prices for dynamic random access memory (DRAM), which goes mainly into computers and servers, may have leveled off after gaining strongly in early 2010. But Micron should be able to keep a lid on costs, shoring up margins, they say.

Shares of Micron, which competes with industry leader Samsung (005930.KS), Elpida (6665.T) and Hynix Semiconductor (000660.KS), slid 5 percent, giving up most of the gains chalked up in regular trading on Monday.

MU-june28,2010

They fell 4.9 percent after-hours to $9.55 from a close of $10.02. The stock had rocketed 6 percent higher in regular trading on expectations of a strong quarterly result.

Micron said net profit came to $939 million, or 92 cents per share in the quarter ended June 3, compared with a net loss of $301 million, or 37 cents per share, a year earlier.

The Boise, Idaho-based company is starting to see some uptick from resurgent corporate spending on computer technology, as budgets loosen after years of belt-tightening.

Gross margins on core memory products jumped to 40 percent in the quarter from 35 percent in the previous three months, versus the average analysts' forecast of 34.3 percent.

Revenue was $2.29 billion, again surpassing the mean forecast of $2.12 billion. The company posted a 9 percent rise in average selling prices for DRAM memory products and a slight increase in unit sales.



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