Micron quarterly net loss doubles from a year ago
SAN FRANCISCO, Oct 1 (Reuters) - Micron Technology Inc MU.N reported a wider-than-expected quarterly loss that was twice as big as a year ago, hurt by weaker sales in the face of an industry supply glut and falling prices for memory chips.
The Boise, Idaho-based company reported on Wednesday a net loss for its fourth quarter ended Aug. 28, 2008 of $344 million, or 45 cents per diluted share, compared the year-earlier quarter's loss of $158 million, or 21 cents per diluted share.
The latest results included a noncash writedown of $205 million and a gain of $70 million for price adjustments on flash memory products from other suppliers. Excluding one-time items, Micron reported a loss of $209 million, or 27 cents per diluted share.
Net sales inched up 0.8 percent to $1.45 billion.
Analysts were looking for an adjusted loss, on average, of 23 cents per share, according to Reuters Estimates. Wall Street had expected net sales, on average of $1.54 billion. Forecasts ranged from $1.40 billion to $1.75 billion. (Reporting by Eric Auchard; Editing by Tim Dobbyn)
