Friday, October 8, 2010

Micron Swings to Profit as Sales Surge

Market Watch

Micron Technology Inc. on Thursday reported results showing the chip maker swinging to a profit as sales of memory processors surged.

Shares of Micron rose more than 1% in after-hours trading.

The Boise, Idaho-based company reported a fiscal fourth-quarter profit of $342 million, or 32 cents a share, compared with a loss of $100 million, or 12 cents a share, for the year-earlier period. Revenue was $2.49 billion, up from $1.3 billion.

Analysts had expected the chip maker to report earnings of 39 cents a share, on revenue of $2.66 billion, according to a consensus survey by Thomson Reuters.

In a statement, Chief Executive Steve Appleton said Micron “reached several new company milestones in fiscal 2010, including generating the highest annual revenue, income and operating cash flows in Micron’s history.”