Micron reported GAAP net profit of $1.48 million ($1.31 a share) related to the completion of its purchase of Japanese chipmaker Elipida Memory Inc. and Rexchip Electronics Corp. EPS on a GAAP basis totaled $1.51.
For the full 2013 fiscal year adjusted EPS totaled $1.13 on sales of $9.1 billion. Excluding the accounting gain, Micron posted an EPS loss of $0.18. The consensus estimates called for an EPS loss of $0.24 on revenues of $8.95 billion.
The company’s press release did not offer first quarter or fiscal year 2014 guidance. The consensus estimates for the first quarter call for EPS of $0.47 on revenues of $3.61 billion. For the full-year, analysts are looking for EPS of $2.19 on revenues of $14.47 billion.
Sales of the company’s DRAM products rose 59% sequentially in the fourth quarter on a 5% increase in price and 42% greater sales volume. Sales of NAND flash products rose 5% sequentially due to a 17% increase in sales volume offset by an 11% drop in average selling prices.
The company’s CEO said:
Micron is executing well on multiple fronts with the successful integration of Elpida and ongoing steady development of advanced memory solutions, including our hybrid memory cube that began sampling with key customers this quarter and our second generation family of PCIe enterprise SSD’s which recently qualified at a major OEM. Our product portfolio and systems solutions position us well to compete in the current favorable market environment.
Micron’s stock price is has nearly tripled since the beginning of the year. DRAM prices have risen sharply since a fire hit DRAM-maker SK Hynix’s Wuxi, China, plant. Prices are expected to remain high into the first half of next year.
Today’s report disappointed investors, however, who have pushed shares down about 2% from Thursday’s closing price of $18.43 to $18.00 in after-hours trading. The stock’s 52-week range is $5.16 to $18.85. Thomson Reuters had a consensus analyst price target of around $20.20 before today’s results were announced.
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