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Last Update: 21-Dec-12 07:43 ET
Micron shares fall 2% following miss on earnings
Micron (MU $6.61 -0.18) reported first quarter loss of $0.27 per share, $0.07 worse than the Capital IQ consensus of ($0.20). while revenues fell 12.2% year/year to $1.83 billion versus the $2.01 bln consensus. Revenues from sales of NAND Flash products were 4 percent lower in the first quarter of fiscal 2013 compared to the fourth quarter of fiscal 2012, due to a 9 percent decrease in sales volume, partially offset by a 5 percent increase in average selling prices. Trade NAND Flash sales volume in the first quarter of fiscal 2013 decreased compared to the fourth quarter of fiscal 2012 primarily as a result of lower production of NAND Flash products. Revenues from sales of DRAM products in the first quarter of fiscal 2013 were 9 percent lower compared to the fourth quarter of fiscal 2012 primarily due to an 11 percent decrease in average selling prices. Sales of NOR Flash products were relatively unchanged for the first quarter of fiscal 2013 compared to the fourth quarter of fiscal 2012. The company's consolidated gross margin of 12 percent in the first quarter of fiscal 2013 was up slightly from 11 percent in the fourth quarter of fiscal 2012. Improvements in margin from sales of NAND Flash and NOR Flash products were offset by slight declines in margins from sales of DRAM products. Cash flows from operations for the first quarter of fiscal 2013 were $236 million. During the first quarter of fiscal 2013, the company invested $538 million in capital expenditures and ended the quarter with cash and investments of $2.8 billion.
