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March 18, 1997updated 05 Sep 2016 12:58pm

MICRON REPORTS EARNINGS SLIGHTLY ABOVE ESTIMATES

By CBR Staff Writer

Micron Technology Inc reported net income down 24% at $142.7m on revenue that slipped 12% to $876m. Earnings per share were down 24% at $0.66. In the quarter, the company realized pretax gains of $205m due to the sale of subsidiary stock (CI Nos 3087,3103) and an investment. Exclusive of these non-recurring gains, earnings per share for the quarter were slightly better than analysts’ expectations of $0.15 at $0.18. For the year to date, net income is down 68.4% at $163.3m on revenue down 26.6% at $1.6bn. The difference is mainly due to the decline in gross margins on semiconductor memory products which are currently at 32%, up from 24% in the first quarter of 1997. They stood at 62% during the second quarter of 1996.

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