Micron Technology's Easily Tops Forecasts
PALO ALTO, Calif. (Reuters) - Memory chipmaker Micron
Technology (MU.N) on Wednesday reported fiscal fourth-quarter
earnings that easily topped analyst forecasts, buoyed by a
rebounding semiconductor market and a shortage of the memory
chips widely used in personal computers.
The Boise, Idaho-based company said that for the period
ended Aug. 31, it had net income of $726.7 million, or $1.20 a
share, compared with a year-ago loss of $17.4 million, or 3
cents. Sales more than doubled to $2.57 billion from $1.08
billion in the year ago period.
The results topped analyst forecasts of 96 cents a share,
according to First Call Thomson/Financial, which tracks Wall
Street estimates.
Although prices for dynamic random-access memory chips, or
DRAMs, have declined slightly in recent weeks, the memory-chip
industry is still struggling to meet demand. Micron's
semiconductor sales almost tripled to $2.29 billion from $820.9
million.
Micron Technology shares rose 3-7/8 to 46-15/16 on the New
York Stock Exchange ahead of the earnings report, which came
after the market close. The shares are well off their year-high
of 97-1/2, but up from a year-low of 29-1/8. |
