Micron (MU) Swings to Q2 Loss as Average Selling Prices, Margins Hit
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Price: $11.23 +0.18%
Revenue Growth %: +1.4%
Financial Fact:
Net sales: 2.08B
Today's EPS Names:
CHRM, UVV, MGT, More
Revenue Growth %: +1.4%
Financial Fact:
Net sales: 2.08B
Today's EPS Names:
CHRM, UVV, MGT, More
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Micron Technology (Nasdaq: MU) shares ticked fractionally lower after hours Thursday following a wider-than-expected second-quarter loss. Gains in sales volumes were offset by lower average selling prices.
The company posted a net loss of $224 million, or $0.23 per diluted share, which compares to a loss of $187 million, or $0.19 per diluted share, in the first quarter. In the same quarter last year, Micron posted a profit of $72 million, or $0.07 per diluted share. Wall Street was looking for a loss of $0.19 in the reported quarter.
Net sales in the second quarter were $2.1 billion, flat with of $2.1 billion for the first quarter but down from $2.3 billion in the same quarter last year.
Revenue from sales of NAND Flash products and DRAM products were slightly higher in the second quarter of fiscal 2012 compared to the first quarter of fiscal 2012, due primarily to approximate 20 percent increases in sales volumes offset by decreases in average selling prices.
Consolidated gross margin declined to 13 percent in the second quarter versus 15 percent for the first quarter. This was due to declines in gross margins for the company's NOR Flash products in the wireless market.
After closing at $8.71, Micron shares last traded at $8.55.
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The company posted a net loss of $224 million, or $0.23 per diluted share, which compares to a loss of $187 million, or $0.19 per diluted share, in the first quarter. In the same quarter last year, Micron posted a profit of $72 million, or $0.07 per diluted share. Wall Street was looking for a loss of $0.19 in the reported quarter.
Net sales in the second quarter were $2.1 billion, flat with of $2.1 billion for the first quarter but down from $2.3 billion in the same quarter last year.
Revenue from sales of NAND Flash products and DRAM products were slightly higher in the second quarter of fiscal 2012 compared to the first quarter of fiscal 2012, due primarily to approximate 20 percent increases in sales volumes offset by decreases in average selling prices.
Consolidated gross margin declined to 13 percent in the second quarter versus 15 percent for the first quarter. This was due to declines in gross margins for the company's NOR Flash products in the wireless market.
After closing at $8.71, Micron shares last traded at $8.55.
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