SAN JOSE, Calif. -- Micron Technology Inc. beat Wall Street's estimates amid an ongoing recovery in the memory market.
In addition, IM Flash Technologies LLC--the NAND flash joint venture between Intel Corp. and Micron Technology--is expected to ramp its delayed fab in Singapore's by year's end, according to analysts.
For the second quarter of fiscal 2010, Micron Technology Inc. had net income of $365 million, or $0.39 per diluted share, on net sales of just under $2 billion. Wall Street expected $0.24 a share on sales of $1.82 billion.
These results compare to net income of $204 million, or
$0.23 per diluted share, on net sales of $1.74 billion for the first quarter of fiscal 2010 and a net loss of $763
million, or minus $0.99 per diluted share, on net sales of $1.0 billion for the second quarter of fiscal 2009.
Revenue from sales of DRAM products increased 24 percent in the second quarter of fiscal 2010,
compared to the first quarter of fiscal 2010 due to a 17 percent increase in unit sales volume and a 7 percent
increase in average selling prices.
Revenue from sales of NAND flash products were down slightly in the second quarter compared to the first quarter due to a slight decrease in average selling prices.
"Micron positioned itself well during the recession. The company's results are starting to reflect the
combination of an improving market, strong operational performance, advanced technology and a broad
product portfolio," said Steve Appleton, Micron's chairman and CEO, in a statement.
As expected, Micron recently has agreed to acquire Numonyx Holdings B.V. in a stock transaction valued at $1.27 billion. There have been rumors circulating about this deal since late last year. The deal now propels Micron (Boise, Ida.) into the NOR and phase-change memory (PCM) sectors. Micron also expands its thrust into NAND flash.
In another signal that a delayed 300-mm fab in Singapore is moving closer to ramp up, IM Flash--the NAND flash joint venture between Intel and Micron--is advertising dozens of jobs openings in the island city-state.
Toshiba Corp. plans to begin construction later this year on a new semiconductor fab to build NAND flash memories on a site adjacent to existing Toshiba fabs in the city of Yokkaichi, in Japan's Mie prefecture.