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March 31, 2010

Micron Technology net sales up 96% to $1.96bn

DRAM products revenue up 24% sequentially

By CBR Staff Writer

Micron Technology has reported net sales of $1.96bn for the second quarter of 2010, an increase of 96% compared to $993m for the same period last year.

The company posted an operating income of $415m for the second quarter, compared to operating loss of $709m for the same period last year. The company’s gross margin on sales of memory products improved from 27% in the first quarter to 35% in the second quarter due to both an overall increase in average selling prices as well as decreases in manufacturing costs.

For the quarter ended March 4, 2010, net income was $365m, compared to net loss of $763m for the same period last year. Basic earnings per share were $0.39 compared to loss per share of $0.99.

Revenue from sales of DRAM products increased 24% in the second quarter of fiscal 2010 compared to the first quarter of fiscal 2010 due to a 17% increase in unit sales volume and a 7% increase in average selling prices. Revenue from sales of NAND flash products were down slightly in the second quarter compared to the first quarter due to a slight decrease in average selling prices.

Steve Appleton, chairman and CEO of Micron, said: “Micron positioned itself well during the recession. The company’s results are starting to reflect the combination of an improving market, strong operational performance, advanced technology and a broad product portfolio.”

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