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Micron Squeezes By on Earnings, Comparables Weak (MU)

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By Jon C. Ogg Updated Published

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Micron Technology, Inc., (NASDAQ: MU) has announced its quarterly earnings report.  The DRAM giant reported a wider net loss attributable to shareholders of $224 million, or -$0.23 in earnings per share.  Net sales were $2.1 billion, down from about $2.3 billion a year earlier.  Thomson Reuters had estimates of -$0.19 EPS on $2.02 billion in sales.

The company’s consolidated gross margin fell to 13% in the quarter from 15% a year ago, due “primarily to declines in gross margins for the company’s NOR Flash products in the wireless market.”  Sales of NOR Flash products were approximately 11% of all sales in the quarter.

Cash flows from operations for the second quarter were $574 million, and Micron ended the quarter with cash and short-term investments of $2.1 billion.

Micron closed down $0.03 at $8.71 on trading volume of more than 31 million shares.  Without guidance we would treat Micron’s earnings as only partial data until a forecast is given in the conference call.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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