Micro Tech posts fiscal 3Q profit

Micro Technology reports fiscal 3Q profit on stronger pricing and revenue

Associated Press

BOISE, Idaho (AP) -- Chipmaker Micron Technology Inc. on Wednesday reported a profit for its fiscal third quarter on improved pricing and revenue, beating analysts' estimates.

The company, based in Boise, Idaho, makes dynamic random access memory items, used in personal computers and NAND flash memory products in digital devices and smartphones.

Micron benefited from improved pricing in both of these markets due to more demand. The company reported after the market closed that it earned $43 million, or 4 cents per share, for the quarter that ended May 30. That compares with a loss of $286 million, or 28 cents per share, in the third quarter last year.

Revenue rose to $2.32 billion from $2.1 billion.

Analysts polled by FactSet were anticipating earnings of 2 cents per share on revenue of $2.26 billion.

Micron CEO Mark Durcan said that the company has also made progress in getting the approvals it needs for its acquisition of Japanese chipmaker Elpida Memory Inc. and he believes the deal will close in the fiscal fourth quarter.

Shares fell 40 cents, or 2.9 percent, to $13.57 in after-hours trading.

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