Micron Posts First Profit Since 2000

Micron Technology Inc., a maker of computer memory chips, posted its first quarterly profit in three years as sales surged 62%.

Fiscal first-quarter net income totaled $1.1 million, or break-even on a per-share basis, contrasted with a net loss of $315.9 million, or 52 cents, a year earlier, Micron said in a regulatory filing. Sales rose 62% to $1.11 billion.

Boise, Idaho-based Micron, which hadn’t posted a profit since the period that ended in November 2000, said average memory-chip prices increased during the quarter.

Micron shares rose 39 cents, or 3%, to $13.16 on the NYSE.

From Bloomberg News