Thanks to the closing of the Elpida deal, Micron's (MU) DRAM volume jumped 42% Q/Q in FQ4. That, along with a 5% increase in ASPs, led DRAM sales to rise 50%. Volumes and ASPs respectively rose 6% and 16% in FQ3.
NAND flash sales rose 5% Q/Q, with a 17% volume increase partly offset by an 11% ASP drop. By contrast, ASPs rose 8% and volumes fell slightly in FQ3.
FQ4 gross margin was 25%, up from 24% in FQ3 and 18% in FQ2. DRAM margin rose, while NAND margin was unchanged (an 11% improvement in manufacturing costs offset the ASP drop).
Free cash flow was $385M, down from $389M in FQ3 but much better than the $78M reported a year earlier. Operating cash flow rose by $93M Q/Q to $717M, while capex rose by $97M to $332M.
A $1.31/share purchase accounting gain was booked on the Elpida deal. Thus, GAAP EPS came in at $1.51.