Micron matches 4Q net income expectations, tops revenue forecasts

MarketsAssociated Press

Micron Technology Inc. (MU) on Thursday reported fiscal fourth-quarter profit of $1.15 billion.

On a per-share basis, the Boise, Idaho-based company said it had net income of 96 cents. Earnings, adjusted for one-time gains and costs, were 82 cents per share.

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The results matched Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of 82 cents per share.

The chipmaker posted revenue of $4.23 billion in the period, topping Street forecasts. Analysts expected $4.17 billion, according to Zacks.

Micron shares have increased 46 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 7 percent. In the final minutes of trading on Thursday, shares hit $31.79, a rise of 87 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. A stock research report on MU from Zacks is available at: http://www.zacks.com/ap/MU

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