Micron beats by $0.09, beats on revs
Reports Q2 (Feb) earnings of $0.85 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.76; revenues rose 97.6% year/year to $4.11 bln vs the $4.02 bln consensus.
Revenues from sales of Trade NAND Flash products were 11 % higher in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014 primarily due to a 35 % increase in sales volume offset by an 18 % decrease in average selling prices.
Revenues from sales of DRAM products were essentially unchanged in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014 as both sales volumes and average selling prices remained stable.
The company's overall consolidated gross margin was 34 % in the second quarter of fiscal 2014 compared to 32 % in the first quarter of fiscal 2014 as a result of a higher DRAM gross margin.
Cash flows from operations for the second quarter of fiscal 2014 were $1.39 bln, while investments in capital expenditures were $565 mln. The company ended the second fiscal quarter with cash and marketable investments of $5.06 bln.