Advertisement

News Wire

Micron Reports Q2

BOISE, Idaho — Micron Technology, Inc., (Nasdaq:MU) today announced results of operations for its second quarter of fiscal 2011, which ended March 3, 2011. For the second quarter, the company had net income attributable to Micron shareholders of $72 million, or $0.07 per diluted share, on net sales of $2.3 billion. The results for the second quarter of fiscal 2011 compare to net income of $155 million, or $0.15 per diluted share, on net sales of $2.3 billion for the first quarter of fiscal 2011, and net income of $365 million, or $0.39 per diluted share, on net sales of $2.0 billion for the second quarter of fiscal 2010.

Revenue from sales of DRAM products was 6 percent lower in the second quarter of fiscal 2011 compared to the first quarter of fiscal 2011 due to a 23 percent decrease in average selling prices largely offset by an increase in volume. Revenue from sales of NAND Flash products was 8 percent higher in the second quarter of fiscal 2011 compared to the first quarter of fiscal 2011 due to an increase in volume partially offset by a 4 percent decrease in average selling prices. Revenue from sales of NOR Flash products was 7 percent lower in the second quarter of fiscal 2011 compared to the first quarter of fiscal 2011 due primarily to a decrease in average selling prices. The company's consolidated gross margin was 19 percent in the second quarter of fiscal 2011 and was lower compared to its gross margin of 23 percent in the first quarter of fiscal 2011 due primarily to the decreases in average selling prices partially offset by decreases in manufacturing costs.

Cash flows from operations for the second quarter of fiscal 2011 were $809 million. During the second quarter of fiscal 2011, the company invested $840 million in capital expenditures. In addition, during the second quarter, the company completed the acquisition of the remaining noncontrolling interests in TECH in two cash transactions aggregating $159 million. The company ended the second fiscal quarter with cash and short-term investments of $2.2 billion.

The company will host a conference call today at 2:30 p.m. MDT to discuss its financial results. The call, audio and slides will be available online at http://investors.micron.com/events.cfm. A webcast replay will be available on the company's web site until March 23, 2012. A taped audio replay of the conference call will also be available at (706) 645-9291 (conference ID: 52960648) beginning at 5:30 p.m. MDT today and continuing until 5:30 p.m. MDT on Wednesday, March 30, 2011.

{complink 3421|Micron Technology Inc.}

0 comments on “Micron Reports Q2

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.