Micron Technology, Inc. (MU) Posts Q4 EPS of $1.51

October 10, 2013 4:05 PM EDT Send to a Friend
Micron Technology, Inc. (NASDAQ: MU) reported Q4 EPS of $1.51, $1.27 better than the analyst estimate of $0.24. Revenue for the quarter came in at $2.84 billion versus the consensus estimate of $2.7 billion.

"Micron is executing well on multiple fronts with the successful integration of Elpida and ongoing steady development of advanced memory solutions, including our hybrid memory cube that began sampling with key customers this quarter and our second generation family of PCIe enterprise SSD’s which recently qualified at a major OEM," said Micron CEO Mark Durcan. "Our product portfolio and systems solutions position us well to compete in the current favorable market environment."

Revenues from sales of DRAM products in the fourth quarter of fiscal 2013 were 50 percent higher compared to the third quarter due to a 42 percent increase in sales volume and a 5 percent increase in average selling prices. Revenues from sales of NAND Flash products were 5 percent higher in the fourth quarter of fiscal 2013 compared to the third quarter primarily due to a 17 percent increase in sales volume offset by an 11 percent decrease in average selling prices.

The company’s consolidated gross margin improved to 25 percent in the fourth quarter of fiscal 2013 compared to 24 percent in the third quarter of fiscal 2013. Gross margins for DRAM benefitted from the improved average selling prices. Gross margins for NAND Flash products were unchanged as an 11 percent improvement in manufacturing costs was offset by the decrease in average selling prices.

Cash flows from operations for the fourth quarter of fiscal 2013 were $717 million, while investments in capital expenditures were $332 million. The company ended the fourth fiscal quarter with cash and investments of $4.2 billion, which includes $556 million, reflected as current restricted cash, set aside for payment of the first Elpida creditor installment.

For earnings history and earnings-related data on Micron Technology, Inc. (MU) click here.


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