Micron Tech 2nd-Qtr Profit Beats Estimates

Micron Technology Inc. posted better-than-expected profit from operations of $34 million, or 12 cents a share, for its fiscal second quarter as it benefited from rising prices for its memory chips, increased production and lower costs. In the year-ago quarter, the company had a loss from operations of $86.8 million, or 41 cents. Sales rose 34%, to $1.03 billion from $763 million. The results were announced after the close of trading.

Analysts had expected earnings of 1 cent a share, according to First Call Corp. Estimates had been rising all quarter as Micron said it expected its output to grow more than forecast. In early February, the average estimate was for a loss of 5 cents.

Shares of Micron rose $1.38 to close at $52 on the NYSE.