Micron reports second-consecutive quarterly profit after 3 years of losses
By APWednesday, March 31, 2010
Micron swings to profit in second quarter
BOISE, Idaho — Micron Technology Inc. reported its second-consecutive quarterly profit, further rebounding after more than three years of losses.
The Boise-based semiconductor maker on Wednesday posted net income of $365 million, or 39 cents per share, in the quarter that ended March 4. It lost $763 million, or 99 cents a share, in the same period a year ago.
Its revenue jumped 97 percent to $1.96 billion.
The company, whose products go into computers, mobile phones, flash memory cards and digital cameras, generated $804 million in cash flow and ended the quarter with cash and investments worth about $1.9 billion.
Micron’s gross margin on sales of memory products rose to 35 percent from 27 percent in the prior quarter as it hiked prices and manufacturing costs fell.
In December, the company reported its first quarterly profit since 2006 with net income of $204 million, or 23 cents per share.
Micron’s shares gained 30 cents, or 2.9 percent, to $10.67 in after-hours trading Wednesday. Before the earnings announcement, the shares had ended the regular session down 42 cents at $10.37.
