Micron Technology Inc. reported $358 million in net income and $4 billion in revenues for its most recent quarter of business, ending Nov. 28. Both those totals topped Micron’s reports for the previous quarter and the same quarter a year ago, when accounting for a large gain reported on the acquisition of Elpida.
Sales of both DRAM and NAND flash memory products increased for Micron, which is headquartered in Boise. DRAM revenues were 69 percent higher in the company’s most recent quarter, the first quarter of its 2014 fiscal year, due primarily to the Elpida acquisition. NAND revenues were 8 percent higher, with higher sales volumes offset by a slight decrease in selling prices.
In its quarterly earnings report, Micron said that its estimated production for the second quarter are flat for DRAM and up for NAND.
Micron’s quarter was even rosier when including several adjustments outside of Generally Accepted Accounting Principles. The company’s non-GAAP revenues, which includes flow through of Elpida inventory and a settlement with memory maker Rambus, are $881 million. That amount is more than double the non-GAAP revenues for the previous quarter.
Micron’s revenues and non-GAAP earnings topped the average estimates of analysts. According to Yahoo, surveyed analysts predicted just $3.72 billion in earnings. Micron’s financial performance and stock price has continued to climb since the company completed its acquisition of Elpida in the summer of 2013. Micron’s stock is 51 percent higher than six months ago and has tripled in the past year.