logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Micron Posts First Profit in Two Years as DRAM Sales and Prices Surge

By  +Follow June 20, 2013 9:45AM
Share:
Tickers Mentioned:

MicronMicron Technology, Inc. (MU) delivered it earnings report for the third quarter of fiscal 2013 that outstripped analyst predictions as demand and costs rose for its computer memory products, swinging Micron to its first profitably quarter in the last two fiscal years.

For the quarter, Boise, Idaho-based Micron reported a 7 percent increase in sales to $2.32 billion from $2.08 billion the year prior. Net income for the quarter was $43 million, or 4 cents per share, compared to a net loss of $320 million, or 32 cents per share, in last year's quarter.

Wall Street was anticipating net income of 2 cents per share on sales of $2.25 billion.

Amongst other things, Micron is a maker of dynamic random access memory, or DRAM, chips that have been experiencing growing demand for their uses in mobile devices as personal computer applications wane. Micron's revenues from DRAM products during the third quarter climbed 23 percent from the second quarter as average-selling prices rose 16 percent and sales volumes increased by 6 percent.

Sales of NAND flash products also improved, up 7 percent from the second quarter on rising average selling prices. Quarter-over-quarter, gross margin improved from 18 percent to 24 percent.

Cost of goods sold inched up 2.9 percent to $1.76 billion.

"As the memory market shows improvement in both DRAM and NAND fundamentals, we continue to focus our efforts on advancing our operational efficiency," said Micron CEO Mark Durcan.

Micron has made progress in its acquisition attempt of bankrupt Japanese chipmaker Elpida by receiving necessary approvals as May deadlines for U.S. creditors to object passed without opposition.

Micron has limped along for the last couple years, along with other chipmakers, as dwindling PC sales and packed inventories drove down prices. Surging mobile device sales are raising demand for Micron's two main products, DRAM and flash memory. The acquisition of Elpida is anticipated to be closed in the this quarter, which will add to future sales (although offsetting sales gains and improving margins because of charges related to the acquisition in the near term), giving Micron a solid upside in the eyes of several analysts, including bullish sentiment from Citigroup and Credit Suisse recently. On Tuesday, Raymond James's Hans Mosesmann reiterated his strong buy rating on Micron and lifted his price target from $12 to $17.

Shares of MU are battling strong headwinds on Thursday, as global markets are still selling-off following comments from Fed Chairman Ben Bernanke on Wednesday afternoon that sent to Dow lower by 206 points. MU has been a stellar Nasdaq performer in 2013, rising about 120 percent to five-year highs by closing Wednesday at $13.97. The earnings beat is not overcoming broad market sentiment with shares down by 3 percent at $13.54 in pre-market action.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for mu
Clint Allen
30 Sep 14 04:49:40
Micron Technology's PT raised by Argus to $41.00. buy rating. http://t.co/m6GullJVmp $MU #MU via @RatingsNetwork
12Stocks.com
30 Sep 14 03:03:31
Weekly MidCap #Stocks Trend $TIBX $DWA $MU $WTW $CF $STRZA $BRCD $INCY $EPE $RES $AWAY $ENDP $KOS $PAYX $NI @ http://t.co/tf79gD96D3
12Stocks.com
30 Sep 14 03:03:10
Weekly MidCap #Stocks Performance $TIBX $DWA $MU $WTW $CF $VRTX $STRZA $BRCD $ZU $INCY $EPE $RES $BMRN more@ http://t.co/tf79gD96D3
12Stocks.com
30 Sep 14 03:02:49
Weekly S&P500 #Stocks Trend $MU $NKE $CF $AGN $PAYX $NI $FDX $INTU $TSN $CNP $MCD $MSI $SLB $MO $RAI $VRTX @ http://t.co/RPeaHBZz9y
12Stocks.com
30 Sep 14 03:02:30
Weekly S&P500 #Stocks Performance $MU $NKE $CF $VRTX $AGN $ALXN $YHOO $EXPE $CELG $PAYX $NI $BBBY $ADS more@ http://t.co/RPeaHBZz9y
12Stocks.com
30 Sep 14 03:02:10
Weekly Nasdaq100 #Stocks Trend $MU $PAYX $INTU $VRTX $CERN $ALXN $VOD $CELG $ADI $CSCO $FB $BRCM $EBAY $SIAL @ http://t.co/YdSIjG11yN
12Stocks.com
30 Sep 14 03:01:53
Weekly Nasdaq100 #Stocks Performance $MU $VRTX $ALXN $YHOO $EXPE $CELG $PAYX $BBBY $ADBE $FB $BIDU $INTU more@ http://t.co/YdSIjG11yN
Stock Signaling
30 Sep 14 03:01:04
Earnings Surprises: $THO $DMND $NKE $MU $PRGS $PAYX $ACN $KBH $FUL $JBL $AIR $KMX $BBBY $CCL $SCS http://t.co/Vtx6dLy0Nw #nyse #wallstreet
Seeking Alpha
30 Sep 14 02:31:07
Micron's Q4 FY 2014 Earnings Call - Confident Management Is Positioning For Sustained Growth http://t.co/oMvoB5MTQ8 $MU
Точка Входа.Трейдинг
30 Sep 14 02:30:13
Идеи long / / $CONN $RSPP $INTU $MU $INCY $FDX $BMRN $FB .. http://t.co/ASnGh0TVb0
Точка Входа.Трейдинг
30 Sep 14 02:15:08
Покупки / / $MU 35 $PANW 100 $CELG 97 $CNC 84 / / #трейдинг #nyse #nasdaq #биржа
Stockaholics
30 Sep 14 02:14:43
$VOIS gained 218.52% in less than 3 weeks, after our Penny Stock Alerts! Major Update: http://t.co/HglCNdSVSO $MU $YHOO $CGIX
George
30 Sep 14 01:19:18
$MU Got the signal, buying more tomorrow.
rolly
30 Sep 14 00:53:58
$AGIO, $AKRX, $AGN, $ALNY, $ANAC, $LOCO, $GILD, $HBI, $HNT, $ICLR, $INSY, $LRCX, $MCK, $MU, $MBLY, $NTCT, $PANW, $SWKS, $SPB, $SNCR, $XRS
Stock Signaling
30 Sep 14 00:31:43
Movers and Shakers: Recently Upgraded: $GTI $HIMX $BRCD $ATHL $YHOO $JNS $UA $LNKD $MU $NKE $ABX $GG $TCK $SIAL $HOLX http://t.co/Vtx6dLy0Nw
FinGraphs
30 Sep 14 00:17:11
RT @fgusequity: $MU Potential resume Uptrend in a consolidation period on an Investor's View : W-D-Hourly charts http://t.co/S2ruPYvi3J
FinGraphs US Equity
30 Sep 14 00:17:08
$MU Potential resume Uptrend in a consolidation period on an Investor's View : W-D-Hourly charts http://t.co/S2ruPYvi3J
Senna Media
29 Sep 14 22:10:18
RT @StockSignaling: Movers and Shakers: Having Earnings Surprises: $NKE $MU $FUL $JBL $PAYX $KBH $ACN $KMX $BBBY $CCL $ASNA $RHT $ORCL $RAD…
Stock Signaling
29 Sep 14 22:01:28
Movers and Shakers: Having Earnings Surprises: $NKE $MU $FUL $JBL $PAYX $KBH $ACN $KMX $BBBY $CCL $ASNA $RHT $ORCL $RAD $TIBX #investors
Stockaholics
29 Sep 14 20:17:57
$VOIS gained 218.52% in less than 3 weeks, after our Penny Stock Alerts! Major Update: http://t.co/HglCNdSVSO $MU $YHOO $CGIX
Stockaholics
29 Sep 14 20:11:24
$VOIS gained 218.52% in less than 3 weeks, after our Penny Stock Alerts! Major Update: http://t.co/HglCNdSVSO $MU $XLNX $CHRW
Jerremy Newsome
29 Sep 14 19:58:32
$MU - VERY NICE GAP!! http://t.co/EakZKgRHY3
TV_Trading Ideas
29 Sep 14 19:25:57
Mu - DRAM to drive to $40? $MU http://t.co/pmxxM6ENU8
Jon Boorman, CMT
29 Sep 14 19:18:05
RT @gtlackey: September 29, 2014 RS Movers http://t.co/CM2aPNVzuO $ITA $CF $MPC $AEGR $ALXN $MU $SAM $ENDP $MCD $S $KBH $LUK $TDS $IP $TSLA
Victor Riesco
29 Sep 14 19:05:14
Strong Stocks in Breakout alert: $MBLY $SNCR $MU $CERN $XRS $ANAC $PANW $KSU $CELG $MNST $NVO $SHW $ABC $FB $SWKS $HD $ALNY $TWTR $HBI
Stoxline Investing
29 Sep 14 18:52:39
Top Buy Stocks for Sept.30: $ATHL, $CSCO, $IRM, $MU, $PLUG http://t.co/dL5kPiKLf9
Lord Νιcholas
29 Sep 14 18:29:33
$MU 34.85 alerts http://t.co/e5weoRJpcH
Nine Stocks
29 Sep 14 18:23:56
MA10-MA50 Bull Crossover Stocks (Sept. 29): $AXAS, $IMMU, $INFA, $MU, $TEVA http://t.co/fbDTqqTofy
G. Thomas Lackey Jr
29 Sep 14 18:15:21
September 29, 2014 RS Movers http://t.co/CM2aPNVzuO $ITA $CF $MPC $AEGR $ALXN $MU $SAM $ENDP $MCD $S $KBH $LUK $TDS $IP $TSLA
Scott Elliott
29 Sep 14 18:08:15
RT @walktothecabin: $APT, $SPCB, $WLDN, $SMCI, $ICLR, $ANET, $JACK, $MU stocks I'm watching >> http://t.co/EPhCzPkEGR
TV_Trading Ideas
29 Sep 14 18:06:07
MU: Another 50-day basis squeeze $MU http://t.co/tfptOfJ51g
Walk
29 Sep 14 18:04:54
$APT, $SPCB, $WLDN, $SMCI, $ICLR, $ANET, $JACK, $MU stocks I'm watching >> http://t.co/EPhCzPkEGR
Media Sentiment
29 Sep 14 17:49:54
$MU received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 477
Day Traders Group
29 Sep 14 17:48:39
MACD Bearish Crossovers http://t.co/wDt06NhbLj $ZIXI $TGI $TPRE $XOOM $TECD $SNA $SCI $SPY $MU $QCOM $BBRY & More
Stock Signaling
29 Sep 14 17:31:30
Movers and Shakers: Recently Upgraded: $GTI $ATHL $BRCD $HIMX $YHOO $GM $JNS $PM $LNKD $CPWR $MO $MU $NKE $UAL $TLM http://t.co/Vtx6dLy0Nw
E Ouziel
29 Sep 14 17:16:11
$MU - http://t.co/vyz9Rt1m8J http://t.co/xsl0LSREOJ #stockcharts #Micron #Technology producer of memory chips.
Colin Macleod
29 Sep 14 17:13:07
Gonna love breakouts here are the ones to keep on your radar Tuesday http://t.co/gDevdxDWrj $GPRO $DWA $MCD $MU $HIMX $FANG
WallStreetConsensus
29 Sep 14 16:13:17
PT Chg 9/29: $PSDV, $ALIM, $HPJ, $GST, $UACL, $KEG, $PTCT, $GOOG, $CELG, $MU, $FTNT, $FINL, $EMC http://t.co/xYGpR7qADA
12Stocks.com
29 Sep 14 16:03:24
MidCap #Stocks Trend $DWA $TIBX $INFA $NI $EPE $INCY $INTU $WTW $TSN $MYGN $AWAY $MU $KOS $PF $RES $BRCD @ http://t.co/tf79gD96D3
12Stocks.com
29 Sep 14 16:02:47
S&P500 #Stocks Trend $NI $INTU $TSN $MU $MCD $FDX $AGN $PAYX $SLB $MSI $RAI $NKE $MO $CNP $CF $CERN $CLX $LMT @ http://t.co/RPeaHBZz9y
12Stocks.com
29 Sep 14 16:02:29
S&P500 #Stocks Performance $IRM $NI $CSC $COG $INTU $TSN $INTC $NRG $CERN $PXD $MU $CELG $LLL $FTR $ADBE more@ http://t.co/RPeaHBZz9y
12Stocks.com
29 Sep 14 16:02:12
Nasdaq100 #Stocks Trend $INTU $MU $PAYX $CERN $VRTX $ALXN $VOD $CELG $ADI $CSCO $MNST $FB $EBAY $BRCM $SIAL @ http://t.co/YdSIjG11yN
12Stocks.com
29 Sep 14 16:01:54
Nasdaq100 #Stocks Performance $INTU $INTC $CERN $MU $CELG $ADBE $DISH $MNST $ALXN $EQIX $ADSK $LLTC $STX more@ http://t.co/YdSIjG11yN
Stockaholics
29 Sep 14 15:16:27
$VOIS gained 218.52% in less than 3 weeks, after our Penny Stock Alerts! Major Update: http://t.co/LcBxWgdLUh $MU $YHOO $CGIX
Stockaholics
29 Sep 14 15:10:21
$VOIS gained 218.52% in less than 3 weeks, after our Penny Stock Alerts! Major Update: http://t.co/HglCNdSVSO $MU $XLNX $CHRW
Consestimate
29 Sep 14 15:07:35
10 Fund Titans All Hold Micron Technology. $MU. http://t.co/WWCW1PJLTs
TheSuperTrader.com
29 Sep 14 13:54:18
In The Super :60 today, see an interesting on Micron $MU that would give us a 61.2% ROC in just 18 days! http://t.co/Yvh25hRind
Dan
29 Sep 14 13:41:15
$MU OI for maturity 10/03/2014. 30.00 Highest put. 30.00 Highest call. http://t.co/7uE5BjymkH
Dan
29 Sep 14 13:24:02
$MU Max Pain is 30.00 for maturity 10/03/2014. Last close = 34.50. http://t.co/ITG1wJsbaI
12Stocks.com
29 Sep 14 13:00:55
MidCap #Stocks Trend $MU $VRTX $ENDP $PAYX $AOL $BRCD $CF $MSI $STRZA $LB $HAS $BBBY $PENN $HIG $DRI $GNW @ http://t.co/tf79gD96D3
				
				
By  +Follow June 20, 2013 9:45AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.