Thursday, January 9, 2014
Micron Technology swung to net profits of US$358 million in the quarter ended November 28, 2013, from losses of US$275 million a year earlier, with sales soaring 120% on year to US$4.04 billion.
On a sequential basis, Micron's sales for the first quarter of fiscal 2014 represent growth of 42% compared to US$2.84 billion in the prior quarter. Net profits for its fiscal first quarter are down from the US$1.71 billion reported for the fourth quarter of fiscal 2013.
Revenues from sales of DRAM products were 69% higher in the first quarter of fiscal 2014 compared to the previous quarter, due mainly to an increase in sales volume resulting from the acquisition of Elpida Memory, Micron disclosed.
Meanwhile, revenues from sales of NAND flash products grew 8% on quarter in the first quarter of fiscal 2014, thanks to an 11% increase in sales volume offset by a slight decrease in average selling prices, Micron said.
Micron's consolidated gross margin improved to 32% in the first quarter of fiscal 2014 compared to 25% in the fourth quarter of fiscal 2013, primarily due to an increase in volume of products resulting from the acquisition of Elpida and to product mix, the company noted.
Cash flows from operations for the first quarter of fiscal 2014 were US$1.51 billion, while investments in capital expenditures were US$669 million, Micron revealed. The company ended its first fiscal quarter with cash and marketable investments of US$4.41 billion.
By: DocMemory
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