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Micron Technology profit misses consensus by 37.3% in fiscal Q1

Micron Technology Inc. said its normalized net income for the fiscal first quarter ended Dec. 4, 2014, amounted to 58 cents per share, compared with the S&P Capital IQ consensus estimate of 92 cents per share.

EPS increased 49.1% year over year from 39 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $689.1 million, a gain of 49.0% from $462.6 million in the first quarter ended Nov. 28, 2013.

The normalized profit margin increased to 15.1% from 11.4% in the year-earlier period.

Total revenue climbed 13.1% year over year to $4.57 billion from $4.04 billion, and total operating expenses increased 7.5% on an annual basis to $3.49 billion from $3.25 billion.

Reported net income rose 179.3% on an annual basis to $1.00 billion, or 84 cents per share, from $358.8 million, or 30 cents per share.