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Wednesday, Jun 19
Micron (MU) -2.1% AH in spite of its FQ1 beat, as investors take profits following a 120% YTD...
Micron (MU) -2.1% AH in spite of its FQ1 beat, as investors take profits following a 120% YTD run-up. DRAM sales +23% Q/Q in FQ1, thanks to a 16% ASP increase and 6% volume growth. NAND flash sales +7%, largely due to an 8% increase in trade NAND ASPs. The ASP gains led gross margin to jump 600 bps Q/Q and 1300 bps Y/Y to 24%. Capex was $235M (10% of revenue), and free cash flow was $389M, a big improvement from FQ4's $78M and a reversal from the cash burn reported in many recent quarters. RBC notes DRAM sales were better than expected, but adds NAND shipments were light. SanDisk (SNDK) +0.8%.