Micron Profit Tops Estimate, Revenue Misses

(RTTNews) - Memory chip maker Micron Technology Inc (MU) Tuesday reported first-quarter net earnings of $1 billion or $0.84 per share compared with $358 million or $0.30 per share last year.

Excluding items, adjusted earnings for the quarter were $0.97 per share.

Revenues for the quarter were up 13% at $4.57 billion compared with $4.04 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.92 per share on revenues of $4.62 billion for the quarter. Analysts' estimates typically exclude special items.

"Micron's execution and continued favorable market conditions led to a strong first quarter with record revenues and operating cash flows," said CEO Mark Durcan.

Micron makes dynamic random access memory (DRAM) and NAND flash memory chips. The chips provide memory storage and retrieval for electronic devices such as personal computers and MP3 players.