Micron Posts 4Q Net Gain as Memory Chip Prices Rise

Micron Technology (NASDAQ:MU) posted a fiscal fourth-quarter net profit on Thursday, helped by a strong recovery in memory chip prices, but it was shy of Wall Street's expectations.

The company reported a net profit of $1.71 billion, or $1.51 a share, compared to a net loss of $243 million, or 24 cents, in the year-ago quarter.

Micron's quarterly results for the first time included Elpida Memory following the close of its acquisition of the Japanese company in July. It said $1.31 of its quarterly EPS came from purchase-accounting gains related to Elpida and results from Elpida's operations.

Without Elpida, Micron's EPS was 20 cents, lower than the 25 cents expected by analysts, according to Thomson Reuters I/B/E/S.

The Boise, Idaho chipmaker had fourth-quarter revenue of $2.843 billion, up from $1.963 billion in the year-ago quarter. Analysts had expected revenue of $2.714 billion for the quarter ended in August.

Shares of Micron were 2.28 percent lower in extended trade after closing up 1.5 percent at $18.43.

(Reporting by Noel Randewich; Editing by Carol Bishopric and Phil Berlowitz)