Micron Technology (MU) shares are trading lower this afternoon after the DRAM maker reported results for its fiscal third quarter ended June 3.
The company posted revenue of $2.29 billion, well ahead of the Street at $2.08 billion, and up from $1.1 billion a year ago.
Micron posted net income for the quarter of $939 million or 92 cents a share, including a $488 million gain relating to the acquisition of Numonyx, $64 million in SG&A expenses related to accruals for estimated settlements in the company’s indirect purchasers antitrust case and other matters and a $41 million benefit related to price adjustments from suppliers of NAND products.
The company noted that revenue from DRAM products was up 10%, on a 9% increase in ASPs and a slight increase in units. NAND revenues were up 16%, on a 21% increase in sales volume, partially offset by a 4% decline in ASPs.
Micron said it repaid $378 million in debt in the quarter, and finished the quarter with more than $2.3 billion in cash and investments.
Gross margin in the quarter was 37.1%, up from 32.7% in the quarter ended March 4, and 9.7% a year ago.
Micron in late trading is down 47 cents, or 4.7%, to $9.55; the stock had rallied 56 cents in the regular session.
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