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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for mu
Jake13
3 Jul 15 23:44:34
MU Micron Technology, Inc. Bid http://t.co/dtoN9RvwTX $MU $TASR $CLF $XLI #MU #nasdaq #stocks
SMPH #Sanders2016
3 Jul 15 23:38:36
A Agilent Technologies, Inc. Yield http://t.co/d1wYMagmpu $A $MU $G.TO $FXE #A #nasdaq #pennystocksAA Alcoa, In… http://t.co/mWqUw0JyJe
PolgarStocks
3 Jul 15 23:31:11
A Agilent Technologies, Inc. Yield http://t.co/DmK098BcRd $A $MU $G.TO $FXE #A #nasdaq #pennystocksAA Alcoa, Inc. Exchange…
PolgarStocks
3 Jul 15 23:31:11
A Agilent Technologies, Inc. Yield http://t.co/HRI5hQo2g5 $A $MU $G.TO $FXE #A #nasdaq #pennystocksAA Alcoa, Inc. Exchange…
PolgarStocks
3 Jul 15 23:31:11
A Agilent Technologies, Inc. Yield http://t.co/4IMPHnIj3i $A $MU $G.TO $FXE #A #nasdaq #pennystocks
IH NASDAQ OMX
3 Jul 15 23:31:08
A Agilent Technologies, Inc. Yield http://t.co/Dyu0urAK4A $A $MU $G.TO $FXE #A #nasdaq #pennystocksAA Alcoa, Inc. Exchange…
Stock Forums
3 Jul 15 23:31:07
A Agilent Technologies, Inc. Yield http://t.co/GtTLR0Q6nz $A $MU $G.TO $FXE #A #nasdaq #pennystocksAA Alcoa, Inc. Exchange…
Analyst Actions
3 Jul 15 22:58:02
$MU: Analyst action by Standpoint Research on Micron Technology: http://t.co/fnwQMIAFDq http://t.co/cm6iAA6aIf
Pepe Plata
3 Jul 15 22:46:54
$BTU Peabody Energy Corp http://t.co/xynX7aQiCX #4thofJuly $XLB $MU $AET $SGY.TO #XLB #stocks #nasdaq $WMIH $RMRK $XRS $AAL #WMIH
binaryoptionsocial
3 Jul 15 22:37:11
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta … http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:37:05
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy bosocial … … http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:34:21
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta bosocial … http://t.co/RBfA8LcTJ0 bosocial
binaryoptionsocial
3 Jul 15 22:34:20
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy bosocial … http://t.co/RBfA8LcTJ0 bosocial
binaryoptionsocial
3 Jul 15 22:34:18
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta bosocial http://t.co/RBfA8LcTJ0 bosocial
binaryoptionsocial
3 Jul 15 22:34:16
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy bosocial http://t.co/RBfA8LcTJ0 bosocial
binaryoptionsocial
3 Jul 15 22:34:14
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta http://t.co/RBfA8LcTJ0 bosocial
Pepe Plata
3 Jul 15 22:32:52
$BTU Peabody Energy Corp http://t.co/xynX7aQiCX #4thofJuly $XRS $OWOO $NFSHF $CP #XRS #investing $XLB $MU $AET $SGY.TO #XLB #stocks #fx
binaryoptionsocial
3 Jul 15 22:23:06
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta bosocial … http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:23:05
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy bosocial … http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:23:03
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta bosocial http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:23:01
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy bosocial http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:22:59
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:22:57
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy http://t.co/RBfA8LcTJ0
binaryoptionsocial
3 Jul 15 22:22:13
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta bosocial http://t.co/Csk7miIhta
binaryoptionsocial
3 Jul 15 22:22:10
XLB Materials Select Sector SPDR Yield http://t.co/tlMPoHBdMu $XLB $MU $AET $SGY.TO #XLB #stocks #nasdaq bosoci… http://t.co/Csk7miIhta
binaryoptionsocial
3 Jul 15 22:22:05
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy bosocial http://t.co/Csk7miIhta
Stock_Huntress
3 Jul 15 22:22:05
Fous4x2 #daytrading DVD review: http://t.co/kXr2oiN1M2 $UAL $NFLX $FDX $LUK $MU $MAS
binaryoptionsocial
3 Jul 15 22:18:32
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta bosocial
binaryoptionsocial
3 Jul 15 22:18:23
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy bosocial
binaryoptionsocial
3 Jul 15 22:06:04
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/Csk7miIhta
binaryoptionsocial
3 Jul 15 22:05:58
XLB Materials Select Sector SPDR Yield http://t.co/tlMPoHBdMu $XLB $MU $AET $SGY.TO #XLB #stocks #nasdaq bosoci… http://t.co/Csk7miIhta
binaryoptionsocial
3 Jul 15 22:05:42
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY http://t.co/RBfA8LuuAy
Alpha Maven Alerts
3 Jul 15 22:03:33
$MU active, relative volume: 3.42, 1H, 1:00 AM, #nasdaq $NDX $SPY
binaryoptionsocial
3 Jul 15 22:01:06
XLB Materials Select Sector SPDR Yield http://t.co/tlMPoHBdMu $XLB $MU $AET $SGY.TO #XLB #stocks #nasdaq bosocial
PolgarStocks
3 Jul 15 21:51:03
XLB Materials Select Sector SPDR Yield http://t.co/gxBewMFA3K $XLB $MU $AET $SGY.TO #XLB #stocks #nasdaq
jim50
3 Jul 15 21:49:37
VICR Vicor Corp. EOD Data http://t.co/vcgyz6Mrne $VICR $NFLX $MU $BABA #VICR #share #pennystocks
jim50
3 Jul 15 21:49:36
VICR Vicor Corp. EOD Data http://t.co/ciT9QsstCK $VICR $NFLX $MU $BABA #VICR #share #pennystocks
jim50
3 Jul 15 21:49:36
VICR Vicor Corp. EOD Data http://t.co/Kj0lGp0T2E $VICR $NFLX $MU $BABA #VICR #share #pennystocks
Stock_Tracker
3 Jul 15 21:45:37
SWKS Skyworks Solutions Inc. P/E Ratio http://t.co/2uPtDzIa3m $SWKS $VXX $MU $BLDP #SWKS #investing #invest
clayton
3 Jul 15 21:44:07
ON ON Semiconductor Corp. Financials http://t.co/zkyVHk5JKl $ON $DAL $MU $GIL.TO #ON #invest #share
Rosner Stocks
3 Jul 15 21:44:06
MU Micron Technology, Inc. Shares http://t.co/55t6tL9VpI $MU $NUGT $UNH $VINEX #MU #share #share
Lucky Jimmy
3 Jul 15 21:44:06
LMT Lockheed Martin Corp. Quotes http://t.co/aJhpPcAn3Y $LMT $MU $NHYDY $PGSVY #LMT #nasdaq #nasdaqMA Mastercard 52Wk High…
Rosner Stocks
3 Jul 15 21:44:06
MU Micron Technology, Inc. Shares http://t.co/AiqOhIjTAl $MU $NUGT $UNH $VINEX #MU #share #share
Rosner Stocks
3 Jul 15 21:44:05
MU Micron Technology, Inc. Shares http://t.co/Xe8wrMTNB4 $MU $NUGT $UNH $VINEX #MU #share #share
Rosner Stocks
3 Jul 15 21:44:05
MU Micron Technology, Inc. Shares http://t.co/Xh2ojhAJ8e $MU $NUGT $UNH $VINEX #MU #share #share
Rosner Stocks
3 Jul 15 21:43:40
MU Micron Technology, Inc. Shares http://t.co/N4joIz3NPJ $MU $NUGT $UNH $VINEX #MU #share #share
Investors Hangout
3 Jul 15 21:43:40
LMT Lockheed Martin Corp. Quotes http://t.co/1nigP3yYJJ $LMT $MU $NHYDY $PGSVY #LMT #nasdaq #nasdaqMA Mastercard 52Wk High…
Investors Hangout
3 Jul 15 21:43:38
LMT Lockheed Martin Corp. Quotes http://t.co/HDFPDLSxRa $LMT $MU $NHYDY $PGSVY #LMT #nasdaq #nasdaqMA Mastercard 52Wk High…
jim50
3 Jul 15 21:43:38
LMT Lockheed Martin Corp. Quotes http://t.co/XgRRnV5sXa $LMT $MU $NHYDY $PGSVY #LMT #nasdaq #nasdaqMA Mastercard 52Wk High…
Rosner Stocks
3 Jul 15 21:43:38
MU Micron Technology, Inc. 52Wk Low http://t.co/lc7ifBPUCe $MU $GDXJ $XRS $VINEX #MU #stock #stocksMUX.TO McEwen Mining Inc. Change…
				
				
By  +Follow June 20, 2013 9:45AM
Share:

Comments

 

blog comments powered by Disqus

 

 Today's Must Reads

Microsegmentation: The Future of Cybersecurity?


How this Playboy Playmate Became a Better Stock Trader Than You

Long Term Rates Are On The Up…What’s Next?

The Modern Web: So Many Ways to Invest in Wireless Mobile Stocks

It's Time for the Rest of the Country to Legalize Weed

 

Do you expect a 10% correction by the end of 2015? in Equities.com Polls on LockerDome

About us

Equities.com is an advanced financial data portal and social network designed to connect self-directed investors with the world’s most innovative startup and small cap companies. Through our in-depth coverage of small cap markets, comprehensive research and stock valuation reports, state of the art issuer products, and world class events, Equities.com provides the social tools and insight that drive tomorrow’s investment relationships and opportunities.

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

Login or Register

LOG IN