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DRAM & NAND Flash sales down sequentially for Micron
Micron Technology reports results of operations for its fiscal 3Q/ 2011, which ended June 2, 2011. The company had net income attributable to Micron shareholders of USD 75 million, on net sales of USD 2.1 billion.
The company's consolidated gross margin improved to 22% for the third quarter of fiscal 2011 from 19% for the second quarter of fiscal 2011 due primarily to decreases in manufacturing costs. Revenue from sales of DRAM products was 7% lower in the third quarter of fiscal 2011 compared to the second quarter of fiscal 2011 due to a decrease in sales volume.
Revenue from sales of NAND Flash products was 5% lower in the third quarter of fiscal 2011 compared to the second quarter of fiscal 2011 due to a 5% decrease in average selling prices. Sales of NOR Flash products were approximately 17% of total net sales for the third quarter of fiscal 2011.
Cash flows from operations for the third quarter of fiscal 2011 were USD 589 million. During the third quarter of fiscal 2011, the company invested USD 534 million in capital expenditures. In addition, during the third quarter, the company paid down USD 327 million of debt and ended the quarter with cash and short-term investments of USD 2.4 billion.
